Tax tip for farmers: Check your tax situation to avoid surprises

July 12, 2019

Careful planning now is critical to yield your best crops later -- and reviewing your tax situation soon is a smart way to avoid surprises with next year’s tax return.

The IRS Withholding Estimator or IRS Publication 505 can help you estimate the federal tax you should pay throughout the year so you don’t owe more than you expected when you file your tax return.

Check as soon as possible, so if you need to adjust, you have more time for the change to happen evenly during the rest of year.