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.
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.
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.
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.
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.
Agricultural Tax Planning in Low Income Years October 25, 2016
Producers often feel there is no need to do tax planning in years when there is no profit, but in many ways, it’s more important to do tax planning in low income years than it is in high income years. There are many planning strategies that can be used to help save tax dollars over the long term if there is enough time to plan.
5 Tax Deductions for Your Farm October 21, 2016
Tax time on the farm can be a little stressful. In gathering all your forms and receipts in preparation for a visit to your accountant, don’t forget about these five deductions.