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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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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Man at desk with tax prep paperwork
For more webinars on farm and ranch management, profitability, economics and farm survival for producers and ag industry professionals, visit the Center for Agricultural Profitability website.

2023 Income Tax Updates for Farmers and Ranchers

December 1, 2023
This webinar reviews 2023 tax considerations for ag producers, including crop insurance, deferral options for livestock sales, potential law changes and more.

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Capitol building
The Corporate Transparency Act will require most U.S. corporations and limited liability companies to file basic information regarding the officers and major owners of the business, in an effort to prevent money laundering and similar criminal activities.

UNL Webinar to Cover Corporate Transparency Act Requirements for Farm and Ranch Businesses

November 29, 2023
Webinar participants will learn more about the act, why it was adopted and what information will need to be filed in 2024 for farm and ranch businesses.

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Landowner who are interested in claiming deductions via Section 180 should consult with their CPA or tax advisor. (Center for Ag Profitability photo)

What is IRS Section 180 and How Does it Work?

November 16, 2023
With recent land purchases, some producers are asking questions to learn more about IRS Section 180 and how it may provide tax deductions in the year of purchase.

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Cattle at feed troughs
All workshops during Ag SmartMoney Week are free to attend, but registration is encouraged. See details below.

‘Ag SmartMoney Week’ Offers Free Webinars, Workshops for Ag Producers to Improve Management Skills

November 2, 2023
The series will include three in-person workshops and seven webinars covering topics related to risk management, estate and transition planning, land leasing and rental rates, human resources and technology.

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