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Tag "ag taxes"

Illinois Farm Business: Capital Purchases Down? Expect More Tax Liability.

Illinois Farm Business: Capital Purchases Down? Expect More Tax Liability.

👤By Gary Schnitkey, Bradley Zwilling, University of Illinois Ag Economists 🕔Dec 6, 2017

Many Illinois grain farmers have reduced capital purchases in recent years, with prospects for further cuts in 2017 and future years. Overall, reducing capital purchases is a prudent step in times of low grain farm returns. Reducing capital purchases, however,

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Annual National Black Growers Council Conference, Tunica, MS, Dec. 11-13

Annual National Black Growers Council Conference, Tunica, MS, Dec. 11-13

👤From a Press Release 🕔Nov 21, 2017

The National Black Growers Council (NBGC) has announced the dates for its upcoming 2017 annual conference.  The event will be held December 11-13, 2017 at the Gold Strike Hotel & Resort located in Tunica, MS.  Hotel registration for the event can be made by dialing

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2017 Tax Reform: How Would Proposals Affect Farmers?

2017 Tax Reform: How Would Proposals Affect Farmers? Updated

👤By Tina Barrett, Executive Director of Nebraska Farm Business Inc. 🕔Oct 23, 2017

It looks more likely each day that Congress will pass some sort of tax reform this session. This article looks at how the current tax reform changes proposed by President Trump would impact farmers and ranchers. Two of the main

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Farm Taxes: The Devil Really is in the Details When it Come to the Tax Code – DTN

Farm Taxes: The Devil Really is in the Details When it Come to the Tax Code – DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Oct 10, 2017

Farmers and ranchers learn early in their careers that Congress has carved out special tax provisions for their industry. But, a farmer can be defined differently for different provisions. In general, the most common definition focuses on income from growing/raising

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Tax Reform: The Good, The Bad, and Will It Happen? – DTN

Tax Reform: The Good, The Bad, and Will It Happen? – DTN

👤By Chris Clayton, DTN Ag Policy Editor 🕔Aug 22, 2017

Donna Funk, a principal for K-Coe Isom out of Kansas, had a tough task last week at the American Coalition for Ethanol annual meeting trying to explain the status of tax reform and the impact on ethanol producers. Funk was

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Farm Taxes: Who Needs a 1099?

Farm Taxes: Who Needs a 1099?

👤By Anthony Barrett, Farm Financial Consultant at Nebraska Farm Business Inc. 🕔Aug 14, 2017

After the first of the year, many farmers and ranchers issue IRS 1099 forms as required by law. The big question becomes “Who am I required to send one to?” There are many misconceptions about who you are required to issue

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Ag Barometer: Producers’ Financial Situation Stronger Compared to 2016

Ag Barometer: Producers’ Financial Situation Stronger Compared to 2016

👤By James Mintert, David Widmar, and Michael Langemeier, Purdue University Ag Economists 🕔Jul 5, 2017

The Purdue/CME Group’s June survey of 400 U.S. agricultural producers indicates producers feel their farm operations’ financial positions are stronger now than a year ago (Figure 1). This shift in producers’ perspective is one reason why the Ag Economy Barometer’s

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Farm Policy: Interest Deduction Tax Proposal Concerns Farmers

Farm Policy: Interest Deduction Tax Proposal Concerns Farmers

👤By Keith Good, Farm Policy News 🕔Jun 26, 2017

Richard Rubin reported yesterday at The Wall Street Journal Online that, “Republicans looking to rewrite the U.S. tax code are taking aim at one of the foundations of modern finance—the deduction that companies get for interest they pay on debt.

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Farm Taxes: The Importance of Estimating Your Deferred Tax Liability

Farm Taxes: The Importance of Estimating Your Deferred Tax Liability

👤By Brandy Krapf, Dwight Raab, Bradley Zwilling, and Bailey Fletcher, University of Illinois 🕔May 19, 2017

Because agriculture producers can use cash accounting for federal and state income tax purposes, there is a recognizable difference between taxable farm income and accrual farm income. These differences can have an immense impact on tax liability, earnings, and net

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Farmland Taxes: Rates and Policies Vary by State

Farmland Taxes: Rates and Policies Vary by State

👤By Jennifer Ifft, Cornell University; and Todd Kuethe, University of Illinois 🕔Mar 13, 2017

All 50 U.S. states provide some form of preferential tax treatment for agricultural land. These tax policies were adopted state-by-state in response to the rapid loss of farmland associated with the rapid expansion of urban land use activities, following World

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