Tax consequences are often not thought about until the bill comes due the next year, when nothing can be done. “Farm operators need to be thinking ahead of the new year,” says Rachel Hopkins, University of Missouri Extension agricultural business specialist.
Depending on payment amounts received, what livestock sales took place and other circumstances, producers could find themselves with a substantial tax liability for 2025, Hopkins says.
MU Extension will hold free farm tax workshops on Dec. 3 and 4 that will look at options for producers to navigate tax implications and reduce their tax burden, she says.
The Dec. 3 workshop is 2-4 p.m. in Ste. Genevieve and Clinton. The Dec. 4 workshop is 6:30-8:30 p.m. in Mexico and Vienna. Participants may attend in person or online.
Source : missouri.edu