Missouri Dairy Business Update Commercial Agriculture
Volume 3, Number 11
November 2003

Year End Income Tax Planning

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/


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