NEWS
Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri Jul 10, 2015 06:26 AM CDT

This calendar year is predicted to deliver the worst economics in grain farming in 20 years. Low grain prices and high input costs could actually lead to an operating loss, unless yields come in exceptionally high. However, this looming dark cloud may have a silver lining in the form of tax benefits.

AVOID ZERO TAXABLE INCOME

Reporting zero taxable income and taking a one-year vacation from paying federal income tax may seem like a satisfactory outcome in a difficult year. But this result overlooks the fact that some farm expenses, as well as personal exemptions and itemized deductions, are producing ...

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