This time of year farm operators spend time in their office completing paperwork for income taxes, preparing information for their lenders and hopefully spending some time analyzing the performance of their business during the past year. Most farm operators use a calendar year (January 1 – December 31) as their business year for income tax purposes and also to prepare financial statements about their operation. Even if a business is on a different fiscal year for tax reporting purposes, they may still want to prepare financial statements based on a calendar year.
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