FARM BUSINESS NEWS
Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Tue Dec 3, 2013 01:35 PM CST

Traditional year-end tax planning is all about deferrals -- commodity revenue pushed to the next year and expenses accelerated into the current year. And the tendency is to set reportable taxable income below actual earnings. The result is a continuously increasing income deferral that becomes a tax disaster at retirement when it's recognized.

How about creating a major deduction today that pushes the income down the road 30 to 50 years, while compounding tax free? A qualified retirement plan can do this. But what is often overlooked is the duration of the deferral and also the magnitude of dollars that ...

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