Taxes

W4 tax withholding form

Accounting for Agriculture: Federal Withholding after New Tax Bill July 11, 2018

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.

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Tractor
Figure 1. Considering a new equipment purchase? Accounting for new ag equpment purchases changed with the new tax law. It might be a good time to visit with your ag accountant about the effect of losing the "Like Kind Exchange."

Trading Equipment Without Like Kind Exchange May 22, 2018

Learn how the new federal tax law affects depreciation and basis with new ag equipment purchases. This is one in a series of articles on accounting considerations for ag operations.

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Accounting for Agriculture: Who’s a “Related Person”? May 14, 2018

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.

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Tax Reform Workshop March 14 at Scottsbluff March 7, 2018

Western Nebraska farmers and ranchers are invited to a tax reform workshop March 14 to learn about the impacts of the 2017 Tax Cuts and Jobs Act on their 2018 tax liability.

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Calculator and rolls of financial data

Accounting for Agriculture: Personal Property Tax Relief Act March 5, 2018

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.

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Overview of Tax Law Changes for Ag Operations January 11, 2018

The author reviews a number of changes introduced by the 2017 Tax Relief Act and briefly notes their possible effect on farm and ranch operations.

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Tax Law Update: Elimination of 1031 Exchanges for Personal Property January 10, 2018

One outcome of the 2017 Tax Relief Act was the elimination of personal property under the rules of Section 1031. This change will affect record keeping for ag operations and may have a significant impact on many farmer's tax returns.

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Taxes ahead sign

Effects of Proposed 2017 Tax Reform on Farmers October 19, 2017

It looks more likely each day that Congress will pass tax reform in the near future. This article looks at how the tax reform changes proposed by President Trump would impact farmers and ranchers. The main goals — to reduce taxes for families and businesses and to simplify the tax code — generally would benefit farmers.

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