Western Nebraska Workshops on Schedule F Tax Form January 11, 2019

Nebraska Extension is conducting “Introduction to Schedule F” workshops in Chadron, Alliance and Kimball this month to explain the updated Federal Income Tax Form Schedule F for farmers and ranchers. The cost for the workshop is $20 per participant.

Read more

Steps on a hillside

Accounting for Agriculture: Step Up While Passing Down December 11, 2018

A major consideration in estate planning is the transfer of assets to the next generation. Using step-up in basis can allow for the sale of long-held farm ground that appreciated in value, with little to no capital gain issues.

Read more

Tax Time sign

5 Things To Do for Your Year-End Tax Planning November 28, 2018

2018 was anything but normal with its new tariffs, price declines, and significant tax changes. While you can't control the uncertainties resulting from these changes, you can take steps to understand their effects and adjust your year-end tax planning.

Read more

Graphic noting end of year calendar for prepaid expenses

Ag Accounting: The Ins and Outs of Prepaid Expenses November 12, 2018

Are you considering some late 2018 purchases? Three factors can help you and your tax preparer determine whether they meet the Internal Revenue Service requirements for a prepaid expense.

Read more

Graphic showing article title

Financial Impact of the Tax Cuts and Jobs Act on Ag Producers August 22, 2018

As experts continue to interpret the new tax code, two things are certain for ag producers: The changes are far reaching and complex and in many cases, will result in a lower tax liability. This overview looks at several of the major changes affecting ag producers.

Read more

Section 199a of the New Tax Act – The 20% Pass-Through August 22, 2018

Implementing one of the new tax law changes, Section 199a - the 20% Pass-Through, may offer some challenges to tax preparers working with ag producers who qualify both as business owners and co-op members.

Read more

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.

Read more

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.

Read more

Pages