Between drought, input costs, markets and all the uncontrollable factors impacting producers’ bottom lines, planning ahead and preparing for change is critical. Understanding IRS requirements for pre-payment of farm supplies is one way to take more control of your financial future. Being able to prove actual purchases vs. deposits, supplying a true business purpose vs. tax avoidance and showing no income distortion are all key factors the IRS will look for. Read more tips on end-of-year payments.
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