Carroll can help with tax questions
PONTIAC – This is the time of year to get those record books up to date.
A fairly new firm, specializing in farm tax and accounting services, is open in Pontiac. Carroll Farm Business Services, LLC offers tax preparation and planning, financial statement work, accrual income statements, balance sheets and assistance with accounting software.
“We are really trying to hone in and work specifically with farm clients on accounting services,” explained Brad Carroll, owner of Carroll Farm Business Services.
In addition to the previously mentioned services, Carroll also assists with payroll and provides general farm business consulting. He is also available to help with retirement planning and farm transitions.
“I’ve got about six years or so of experience in this line of work,” Carroll said. “I’m a local farmer; I farm part-time in the Flanagan and Graymont area.”
Carroll has degrees in agriculture business and agronomy. He feels many of his clients seem to like working with an actual farmer on the business side of things.
It is the point in the year where farmers look at where they are for income and expenses. Carroll suggests sitting down with an accountant asking what you should or should not be doing.
“Due to the coronavirus, some people are able to delay the required minimum distributions from their retirement plans so that might be a way to delay recognizing some income.”
Another item to pay close attention to is bonus depreciation. Some are considering a big purchase on a shed or something similar and want to claim the whole deduction in the year they purchase it. This is something growers may want to look into over the next couple of years before things change in 2023.
Anyone with questions can reach out to Carroll at 815-844-9365 or visit www.carrollfbs.com to read more on Carroll’s background and business offerings.