“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.