Tax Calendar... Note: As a result of the COVID-19 pandemic, some due dates have been adjusted. The below dates are accurate as of March 27, 2021. Please check our website at www.greenstonefcs.com for updates.
APRIL
15
1st quarter estimate is due for 2021 for individuals that pay estimated taxes. Corporations file a 2020 calendar year tax return (Form 1120) and pay any tax due. If not able to file, file Form 7004 to request an automatic 6-month extension. Corporations deposit the 1st installment of estimated income tax for 2021.
and break it down into reports,” he says. “And I work with our lending department to supply a lot of information to fulfill their requirements, whether it be balance sheets, or profit or loss statements or if it’s capital asset schedules or tax returns.” While both departments are under the same GreenStone umbrella, Vandivier says the information is kept confidential and customers must sign disclosure forms for information to be shared. Once that’s done, a lot of information can flow back and forth, he says. Using GreenStone’s tax and accounting services allows farm owners to move quickly on financing if necessary. Daniel Gitter, GreenStone’s vice president of commercial lending who works with the farm, says open lines of communication benefit all. “By providing good quality information, we are providing valuable input into decision making. Whether it’s how we structure a loan or the timing of a capital purchase. All of this helps to come to a mutual conclusion everyone is happy with.” In addition to monthly meetings, there also is an inclusive, team meeting quarterly. “We bring in all our vendors, from the person who’s going to service our dairy equipment, to our agronomist, to our nutritionist and those involved in our breeding program,” Heather says. “Dan (Gitter) and our dairy consultant help run the meeting to report on how things are running and to tackle any issues.”
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Even though it’s a large dairy, it’s still family owned and oriented – that means there’s always food at these meetings, including Carrie’s famous clam chowder. To help in decision making, GreenStone also offers some benchmarking through its credit department. “As an example, we can anonymously group 500- to 1000-cow dairies and show you how you compare to the rest of that peer group. Is your production lower than normal or is that higher? Maybe a farmer needs to look into lowering his cost of production, or maybe his feed expenses are too high,” Dan explains.
30 MAY
17
Carrie adds, “We value the opinion of our lenders. And Scott and Dan have a great relationship. They text a lot. And Eric has been great to work with. It’s not always just about business; they’ve become like family. I’ve recommended GreenStone to other farmers.” Scott says he enjoys working with knowledgeable people that understand the farm, everything from buildings and land to equipment.
We value the opinion of our lenders. It’s not always just about business; they’ve become like family.
Individuals file a 2020 income tax return (Form 1040) and pay any tax due. If not able to file, file form 4868 to request an automatic 6-month extension. If tax is due it must be paid with the Form 4868.
JUNE
15
2nd quarter estimate is due for 2021 for individuals that pay estimated taxes. Corporations deposit the 2nd installment of estimated income tax for 2021.
Looking ahead
For the future, Heather says the farm is looking into manure digesters. “We are committed to reducing our carbon footprint and being environmentally sound. We’re getting insights from the staff at GreenStone and seeking advice.”
Non-farm employers file Form 941 for the 1st quarter to report Social Security, Medicare, and withholding.
JULY
15
2nd quarter estimates are due for 2021 for individuals that pay estimated taxes.
Most recently, GreenStone assisted with the national Paycheck Protection Program, which helped the farm pay employees when milk prices plummeted during the onslaught of COVID. And, as the farm began transitioning to the next generation two years ago, GreenStone offered resources to help with the process. While the operation, with about 50 fulltime and 30 seasonal employees, has continued to advance and grow, the Matsche family is most proud to be farming as a family, in which they include their employees. Scott and Carrie now have 11 grandchildren. “My grandkids get off the bus here, and they’ll come right to the office,” says Carrie, who calls it a blessing to be a part of their lives. The Matsche’s think there’s a pretty good chance their dairy legacy will continue. ■ Partners — Spring 2021
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