Get Ready For Income Taxes Part 3: Reduce Income Liability
For most farmers, it will be high income in 2011, based on good yields in 2010 and high market prices in 2011. The combination pushed net farm income higher than it had previously been, and the IRS will want to be paid on March 1.
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Sharpen those pencils — it's tax time!
That kept ordinary income tax rates low, and preserved the preferential capital gain tax rates. It also extended a large number of tax provisions that were set to expire at the end of 2010. • Tax Brackets. They remain the same through 2012, …
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