Tax deadline nears... are you ready?

Tax deadline nears... are you ready?

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.

“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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