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UK economists offer tax tips for farmers

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Be aware of ag-related tax breaks

By David Harrison

For farmers who have yet to file their 2009 tax returns, UK Extension economists have the following suggestions as you prepare your returns and meet with your tax advisor.

Remember to report sales of breeding and market livestock separately. Animals used to produce milk, calves, pigs and market livestock are cull sales not subject to self-employment taxes.

Depreciation is one of the confusing parts of federal taxes, but note these three things concerning depreciation:


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