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.
The number of Nebraska farms and ranches declined in 2017, according to USDA's National Agricultural Statistics Service. At 47,400, it was down 1,000 farms from 2016. Numbers of farms and ranches in Nebraska with less than $100,000 in agricultural sales decreased 700 farms from a year earlier while operations with more than $100,000 in agricultural sales decreased 300 farms.
Producers, landowners and other agricultural policy stakeholders seeking information on the 2018 farm bill are encouraged to register for a series of five forums scheduled at locations across Kansas and Nebraska.
"Growing Our Future, Valuing Our Traditions" will be key theme of the 2018 Women in Agriculture Conference with more than 30 workshops focusing on managing financial, market, production, human and legal risk.