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Published February 17, 2014, 09:47 AM

Tax laws allow farmers to accelerate income

BROOKINGS, S.D. — Deferred payments may allow grain farmers to more effectively manage each year’s taxable income. “This is because deferred grain contracts qualify as installment sales, and with installment sales, producers may ‘elect out’ of reporting income when received and instead report the income in the year the grain was sold,” says Kim Dillivan, South Dakota State University Extension crops business management field specialist, of the tax law which allows grain farmers to accelerate the income from deferred contracts into the year of sale.

By: SDSU Extension Service,

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