Even though milk prices have been low, some dairymen in Missouri may need to look at doing end of year income tax planning. With the section 179 expensing increased to $100,000, most farmers will find a way to keep from paying much income tax.

Here are some helpful end-of-year tax planning links:

Purdue's Tax Planning and Management Considerations for Farmers in 2003
http://www.agecon.purdue.edu/extension/pubs/taxplanning.asp

IRS Farmer's Tax Guide
http://www.irs.gov/formspubs/page/0,,id=11370,00.html

Missouri's Ag Tax Tidbit, by Parman Green
http://agebb.missouri.edu/agtax/