Kevin Bearley quoted in AgWeb 5 tax tips for spring, read the full article. As U.S. taxpayers prepare their returns ahead of April’s filing deadline, producers are thinking about taxes, too. Rather than focusing on the next few weeks, though, farmers need to think about future generations of their family to make smart tax choices for themselves, their businesses and their legacy.
Kevin Bearley, principal at K·Coe Isom and Ben Schwab of Kerber, Eck & Braeckel in Litchfield, Ill., explain how your family’s operation might benefit in the years ahead by managing taxes wisely.
- Get a succession plan in place
- Consider an intentionally defective irrevocable trust (IDIT)
- Split into separate legal entities
- Review income-deferral strategies
- Identify other tax savings
Continue reading how you can budget for short-term and long-term savings via AgWeb.