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Tax Tips: Options for Reporting Crop Insurance Payments

2013-01-02 22:17:00| Corn & Soybean Digest

Source: University of Illinois farmdocDaily Approximately 80% of Illinois farmers purchased various types of crop insurance on their 2012 crops. The total premiums for these policies were over $770 million. It is projected that the total claims will exceed twice the amount of the premiums. If farmers do not defer their crop insurance proceeds until 2013, they will have an additional $1.5 billion of taxable income this year. read more

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