Taxes

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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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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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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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Tips for Pre-Tax Planning using Quicken Deluxe September 25, 2017

Fall is a good time to start thinking ahead to your farm or ranch taxes. If you use Quicken (Deluxe) for your record keeping, here are some key reports to make your tax planning and next meeting with your accountant easier.

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1099 Form

Who Needs a 1099? August 8, 2017

Farmers and ranchers are required to issue IRS 1099 forms for any payments of $600 or more made in the course of their trade or business. This basically means that if you are deducting that cost on your tax return, your need to issue a 1099. Learn more about the requirements and recommendations for issuing.

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