News

2020 farm taxes expected to be drawn out

A farm tax specialist says delays are likely this tax season when accounting for multiple federal support programs in 2020.

Bill Gordon of Worthington Tax and Business Services tells Brownfield the filing process is on hold for many until more is known about the impacts of the American Rescue Act.

“We’ve kind of come to a halt on shipping our tax returns off and we’re going to have to go back and do some amendments there and some changes,” he says.

Also a farmer in southwest Minnesota, Gordon says farmers need to account for equipment trades as a source of income.

“That trade-in value is going to add income to your taxes in 2021, just budget that extra in there,” he advises.

Gordon is currently serving as the chairman of the American Soybean Association.