“As tax return preparation gets under way, agricultural producers need to take a close look at some tax preparation items,” says Ron Haugen, North Dakota State University Extension Service farm economist.

Items to note for 2010 income tax preparation:

• Producers have until March 1, 2011, to file their returns without penalty. If they made an estimated tax payment by Jan. 18, they have until April 18 to file.

• For 2010 only, a deduction for health insurance can be made against self-employment income. Previously, you could take a deduction for family health insurance to adjust total income but not self-employment income.

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