Market Impacts of a Meat Tax
March 20, 2019
In this week's Cornhusker Economics, two authors from the Department of Agricultural Economics address implications of a meat tax on livestock production and grain production.
2019 Nebraska Property Tax-School Funding Issues
March 8, 2019
Nebraska has some of the highest ag property taxes in the nation. This article explores how these taxes support state and local government as well as K-12 education and examines some of the major property tax relief proposals.
Extended Tax Filing Deadline for Farmers and Ranchers
March 8, 2019
This week the IRS announced in Notice 2019-17 an extension to the March 1 deadline for farmers who did not make estimated tax payments by January 15, 2019.
Nebraska and Neighboring States’ Ag Property Taxes as a Percentage of State Net Farm Income Compared to US Average, 1950-2017
January 31, 2019
In Nebraska, agland property taxes have risen to historic levels in recent years as state net farm income has declined, leading to an agland property tax crunch for farm and ranch landowners. Nebraska’s agland property taxes as a share of state net farm income are 46% higher than for the US as a whole.
Cornhusker Economics: Tax Strategies with the New Section 199A
January 30, 2019
Among the many tax consequences of the Tax Cuts and Jobs Act of 2017, are those affected by Section 199A deduction. A good tax break for farmers, it changes incentives for farmer patrons to market through cooperatives.
Western Nebraska Workshops on Schedule F Tax Form
January 11, 2019
Nebraska Extension is conducting “Introduction to Schedule F” workshops in Chadron, Alliance and Kimball this month to explain the updated Federal Income Tax Form Schedule F for farmers and ranchers. The cost for the workshop is $20 per participant.
Accounting for Agriculture: Step Up While Passing Down
December 11, 2018
A major consideration in estate planning is the transfer of assets to the next generation. Using step-up in basis can allow for the sale of long-held farm ground that appreciated in value, with little to no capital gain issues.
5 Things To Do for Your Year-End Tax Planning
November 28, 2018
2018 was anything but normal with its new tariffs, price declines, and significant tax changes. While you can't control the uncertainties resulting from these changes, you can take steps to understand their effects and adjust your year-end tax planning.