With the higher standard deduction and changes in child credits in the new US tax code, taxpayers may need to reconsider how much to withhold for federal taxes in each pay period. Here are information and a tool to help you assess your situation.
Understanding the IRS definition of family and its implications for your taxes is important when doing business with "related persons." This is one in a series of articles on Accounting for Agriculture.
With new changes in tax laws and likely more on the way, if you have tangible property in several districts, consider this option for taking more than one personal property tax exemption. With a little more paperwork, you can keep more of your income on the farm or ranch.
Constructive receipts, as provided by US Internal Revenue Service code, provide a means for time-sensitive accounting to address transactions crossing over two record-keeping periods. Here's how to correctly use this accounting option.