Posted by tractormiallis on September 03, 2013 at 13:55:49 from (216.18.244.12):
This is my first year of really farming, and I have cash cropped nearly 120 acres. I also work off the farm at another job. Usually do my own taxes, and now am unsure about my 2013 tax year. Figuring my crops will increase my income and taxes, do I need to file estimated taxes? Is there a penalty for owing the IRS too much tax? I know filing schedule F is needed, and I have set up a farm plan and track all farm expenses and income so as to run it as a business and NOT hobby. My plan is to slowly grow my farm acreage. I know it is early before thinking of taxes, but trying to plan ahead. Any advice is appreciated.
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Today's Featured Article - A City Guy's First Tractor - by Fred Hambrecht. After living in apartments in Atlanta for more years than I care to remember, the wife and I decided to move to the country. Humming "Green Acres is the place for me..." we purchased a 29 acre tract about 60 miles south of Atlanta. Next came the house, I could talk about that ordeal for another two weeks... But, I want to talk about my tractor! We didn't even own a lawnmower, and all of a sudden we had enough grass to feed all the starving children of the bovine world. Naturally, I talked
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