Taxes

Woman works on taxes at desk
Sole proprietor farming businesses use IRS Schedule F, Profit or Loss from Farming to report income and expenses of the farming business. Schedule F can be used by partnerships, corporations, trusts and estates to report farming activities.

Introduction to Schedule F Workshop Scheduled in Mullen

September 26, 2024
Extension professionals will review basic tax information on filing a Schedule F, used by farmers and ranchers to report income and expenses of the business.

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Open pasture
Range in early June. (Photo by Chabella Guzman)

Nebraska Extension Offering Workshop on Tax Planning for Farms and Ranches

September 13, 2024
The workshop will cover basic tax information on filing a Schedule F, used by farmers and ranchers to report income and expenses of the business.

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Combine unloading into grain truck
Calculating net farm income is an important part of annual accounting tasks, as it provides the most accurate summary of the profitability and performance of your operation.

Net Farm Income Impacts Net Worth Growth

April 26, 2024
Nebraska Extension Educator Glennis McClure explains the process of analyzing net farm income and earned net worth change for the year.

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Man and woman speaking near tractor
Successfully bringing additional family members into an ag operation may require some creativity, as all parties need to maintain a viable standard of living. Gifting assets is one strategy for compensating the next generation on the farm or ranch.

Ideas for Estate and Transition Planning: Gifting

April 24, 2024
Gifting assets, such as equipment, livestock, land, or shares of an entity, is one of several ways to compensate family members in an operation, but it requires careful consideration of the guidelines.

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Closeup of man preparing tax forms
IRS Section 180 allows landowners to treat the residual fertility present in the soil at the time of purchase as a deductible cost. Though the deduction should be filed during the year of land purchase, landowners may be able to file an amended tax return for a previous tax year. It’s important to consult your CPA or tax advisor to understand your options and file accordingly.

Pasture and Forage Minute: A Closer Look at Section 180, Forage Inventory Season

February 6, 2024
With recent land purchases, many Nebraska producers are seeking to better understand IRS Section 180 tax deductions. This article provides a review of the tax code and its potential financial implications for landowners of newly acquired land.

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Man filling out tax forms at desk
For farmers and ranchers, having investments like a retirement account can help mitigate risk. Often, retirement funds grow at a higher rate than inflation, protecting a person’s purchasing power later in life.

One-Participant 401(k): Saving for Retirement and Reducing Taxes

January 31, 2024
Insights on saving for retirement and reducing tax liability for self-employed farmers and ranchers.

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Phone displaying IRS website and cash money
According to USDA, only 40% of farm households participate in some type of retirement account.

One-Participant 401(k) as a Tool for Farmers and Ranchers

January 31, 2024
Center for Ag Profitability experts review features of the One-Participant 401(k), which helps self-employed individuals and their spouses save money for retirement and reduce taxable income.

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Calculator on top of tax paperwork
The last day for farmers and ranchers to file taxes is Friday, March 1, 2024.

Pasture and Forage Minute: Record-keeping for Taxes, Selecting Alfalfa Varieties

January 9, 2024
It's time for another tax season. Agricultural Economics Extension Educator Shannon Sand shares tips on getting prepared for the March 1 deadline. Plus, considerations for selecting alfalfa varieties.

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