A livestock income deferral is available for those who had a forced sale of livestock because of a weather-related disaster, such as drought, shares NDSU Extension specialists.
Agricultural producers should do tax planning before the end of the year.
“It is the time of year to think about year-end tax planning,” said Ron Haugen, North Dakota State University Extension farm management specialist. “When tax planning, it is best to start with year-to-date income and expenses, and estimate them for the remainder of the year,” said Haugen. “Estimate depreciation and include an…