Crop insurance proceeds can be deferred to the next tax year if a producer is a cash-basis taxpayer and can show that normally income from damaged crops would be included in a tax year following the year of the damage. (Pixabay photo)
NDSU Extension
Now is the time to consider year-end income tax planning. There have been changes to the tax law in 2025 that agricultural producers should be aware of.
“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 Ron Haugen, North Dakota State University Extension farm management specialist. “Estimate depr…