IF you measure the dollar benefit per hour spent, tax planning is one lucrative way to spend your time. Most individuals and businesses can benefit from year-end tax planning. If you're on a cash-basis accounting system due to the nature and timing ofcash flows, you have opportunities for tax deferment or acceleration not available to most taxpayers. It's time to spend a few hours and benefit from those opportunities. Best starting point is accurate year-to-date records and a projected depre-ciationschedule for the farm's assets. If you use a tax professional, schedule an appointment for an in-depth planning session. Most tax pros will have more time available in the fall to devote to your questions and "what ifs," to clear up any confusion you might have, and to work on the tax ramifications of various scenarios.
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