Many farms are going to have more income on the books at the end of 2020 than in recent years.
North-central Iowa farmer Casey Schlichting says year-end tax planning is generally pretty easy.
“It’s ‘here are my expenses and here is my income.’ But this year we have ‘here are my expenses, here’s my income, here’s various forms of government payments.’ It’s going to be interesting.”
The combination of federal aid like Coronavirus Food Assistance Program payments and generally stronger corn and soybean prices could tempt some farmers to defer income into next year.
