How to handle unique income (like COVID-19 relief) and leverage health expenses to save on your 2020 farm income taxes

<p>Welcome to Episode 56 of The Spokesman Speaks podcast.</p> <p>In this episode, Kristine Tidgren (Director of the Center for Agricultural Law and Taxation at Iowa State University) helps farmers make the most informed choices when filing their 2020 income taxes. From COVID-19 relief payments and programs to crop insurance claims resulting from the derecho, farmers have experienced a wide range of unusual things that they'll need to account for when filing their taxes in 2020.</p> <p>Also, Terry Harrington (president of BASE) shares a way for farmers to leverage their health care expenses to save significantly on their income taxes.</p> <p>Resources referred to in this episode:</p> <ul> <li><a href= "https://www.iowafarmbureau.com/Article/Iowa-Farm-Income-Tax-Webinar-2020" target="_blank" rel="noopener">Iowa Farm Bureau's 2020 Farm Income Tax Webinar</a></li> <li><a href="https://www.baseonline.com/landing/iafarmbureau.asp" target="_blank" rel="noopener">Leveraging your health care expenses to save on your income taxes, through BASE</a></li> <li><a href="https://www.iowafarmbureau.com/Farmers-Vote" target= "_blank" rel="noopener">Farmers Vote - Voting Resources from Iowa Farm Bureau</a></li> </ul>