Senior Partners - 2
Elizabeth Williams DTN Special Correspondent
Fri Mar 8, 2013 08:43 AM CST

INDIANOLA, Iowa (DTN) -- "I can't afford to retire" takes on a different twist in today's ag world. It's not a matter of income, it's a matter of income taxes. A farmer with unsold grain and depreciated machinery who wants to retire may be looking at hundreds of thousands of dollars in income taxes on an average-sized farm operation.

"Without offsetting input expenses, retiring farmers face a huge tax bite," said CPA Nick Houle, a tax partner with CliftonLarsonAllen LLC in Minneapolis who specializes in estate and transition plans for family businesses. It's not unusual for retirees to be thrown ...

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