2007 Tax Management Tips for Farmers 

The basic management guideline is to avoid wide fluctuations in taxable income, says L. R. Borton of MSU, because a relatively uniform income from year-to year results in the lowest income tax and largest Homestead and Farmland Preservation credits over time.  

There are several tax rates and adjustments to income for this year.  Maintaining a good set of records makes the job much easier when looking for net income adjustments and ensuring that all expenses are taken.  Small cash purchases are often overlooked.  Having a good bookkeeping system is essential for end-of year tax planning and working with credit agencies.  

Click here to read the full Tax Management Tips for Farmers fact sheet by L. R. Burton.  

Click here to get a form for estimating your 2007 income tax liability

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