Tax Calendar

AUGUST 2

Non-farm employers file Form 941 for the 2nd quarter to report Social Security, Medicare, and withholding. Form 5500 is due for all employers that maintain an employee benefit plan such as a pension plan. If not able to file, file form 5588 to request an automatic 2.5 month extension.

SEPTEMBER 15

3rd quarter estimate is due for 2021 for individuals that pay estimated taxes. S Corporations file a 2020 calendar year income tax return (Form 1120S) if an automatic extension was requested. Partnerships file a 2020 calendar year income tax return (Form 1065) if an automatic extension was requested. Corporations deposit 3rd installment of estimated tax for 2021.

OCTOBER

Currently, they farm 1600 acres of corn, beans, hay, and wheat. They recently purchased a second baler (Silage Special) designed to bale wet hay, and they also purchased a wet wrapper. They individually wrap and seal each round bale. Once again, Jeff benefited from GreenStone’s tax services during his transition from dairy to crop farming. “One main factor was to minimize tax complications and liability,” tax accountant Sue Smith said. “I wanted to make sure that he didn’t have to pay more taxes than necessary when he was selling cows and dairy equipment. Also, I worked with him to make sure he was structured to be successful on the crop side of farming, just like he was successful on the dairy side of it.” Jeff’s wife Julie is a state representative in her third and final term. They have four adult children, Adam, Andrew, Jared, and Anna. Adam farms full-time with his dad. He’s the main mechanic, and he also does the planting and combining. The boys all have F endorsement licenses so they can haul grain when needed, and this fall Anna is getting married. She and her fiancé’s family just bought their own 400-acre farm. “She’s marrying the milk man,” Jeff said. “We’re throwing up a big tent and having the wedding reception right in their newly purchased field.” Jeff is enjoying the reduced stress that comes with crop farming. “After 40 years of milking cows, everything comes easy after that,” he said. “Adam does a great job with the equipment, we keep the machines maintained, and we’re working only 50-60 hours a week instead of 100. I joke that now my main job is a trophy husband.”

15

Trust

Alexander considers the level of trust to be an important one when considering who to work with on his taxes and finances. “We’ve never had anyone other than Sue do our taxes, because there’s just that trust,” Alexander said. “You’re talking about someone’s livelihood. Some years you’re worrying in there when things aren’t going well, and some years you’re smiling from ear to ear when things are going well. You have to trust someone to go through all of that with them.” Jeff started with GreenStone, and he plans to finish his farming career with them. “My dad is 85 now, and he still does his taxes with Sue. He likes her. It’s easy – she’s such a pleasant person, and she’s really good at teaching us what we need to do. There’s never been a moment when we thought we should be with someone else. Anytime anyone asks us about taxes, we say go see Sue,” he said. Farming is a business where cutting costs is always a concern, but in some areas there’s no argument. “It’s always good to shop around for the best rates on everything, but not our tax accountant. There’s no other option for me. She’s the one,” Jeff said. ■

Individuals file a 2020 income tax return (Form 1040) if an automatic extension was requested. Corporations file a 2020 calendar year tax return (Form 1120) if an automatic extension was requested. Non-farm employers file Form 941 for the 3rd quarter to report Social Security, Medicare, and withholding.