Taxlink by Andy Biebl

Minimizing Taxes Takes a Plan

A habit of deferring taxes throughout your farm career can pose big tax bills at retirement. Senior farmers may need to consider defined benefit plans and/or trusts to lighten the load. (DTN file photo)
Today's tax rate system is insanely complex. Your tax pro will need to run multiple scenarios to take full advantage of income averaging in your working career. You'll also likely need a 5-10 year exit strategy to avoid a tax jolt before you retire.

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