Extended Tax Filing Deadline for Farmers and Ranchers

March 8, 2019
This week the IRS announced in Notice 2019-17 an extension to the March 1 deadline for farmers who did not make estimated tax payments by January 15, 2019.

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Nebraska and Neighboring States’ Ag Property Taxes as a Percentage of State Net Farm Income Compared to US Average, 1950-2017

January 31, 2019
In Nebraska, agland property taxes have risen to historic levels in recent years as state net farm income has declined, leading to an agland property tax crunch for farm and ranch landowners. Nebraska’s agland property taxes as a share of state net farm income are 46% higher than for the US as a whole.

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Cornhusker Economics: Tax Strategies with the New Section 199A

January 30, 2019
Among the many tax consequences of the Tax Cuts and Jobs Act of 2017, are those affected by Section 199A deduction. A good tax break for farmers, it changes incentives for farmer patrons to market through cooperatives.

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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.

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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.

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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.

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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.

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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.

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