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.
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.
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.
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.
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.