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Tag "tax deductions"

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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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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Ask the Tax Man: Charitable Donations are Tricky, Especially When it’s Property – DTN

Ask the Tax Man: Charitable Donations are Tricky, Especially When it’s Property – DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Sep 20, 2017

It’s becoming routine to see court cases backing the IRS against taxpayers who trip over the rules when donating assets to charity. Checks are difficult enough. Any single contribution of $250 or more requires a written receipt from the charity

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Farm Taxes: Deducting Expenses – An Overview

Farm Taxes: Deducting Expenses – An Overview

👤By Kristine Tidgren, Iowa State University Ag Law Sepcialist 🕔Aug 1, 2017

Farmers, like other business owners, may deduct “ordinary and necessary expenses paid . . . in carrying on any trade or business.” IRC § 162.  In agriculture, these ordinary and necessary expenses include car and truck expenses, fertilizer, seed, rent,

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Taxes: Buying Inherited Land; Section 179 Deduction – DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Feb 10, 2016

QUESTION: I have a current landlord that inherited acreage in September 2014, but now is considering selling, possibly by public auction. Recent land auctions have sold at more than $10,000/acre. Are capital gain taxes calculated differently with inheritance? I was

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Tax Changes for Farmers – 4 Items You Better Know – DTN

Tax Changes for Farmers – 4 Items You Better Know – DTN

👤By Andy Biebl, DTN Tax Columnist 🕔Feb 2, 2016

In late December, Congress did its usual retroactive “extender” legislation, restoring about 50 beneficial tax provisions that had expired at the beginning of 2015. This year’s act, however, made about 20 of those provisions permanent in the tax law, and

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Georgia Taxes: Farm Expense Deduction – Avoiding Deadline Penalties

🕔Mar 5, 2015

Farmers affected by the delayed Section 179 extension who miss the March 2nd tax deadline will not be subject to the underpayment of estimated tax penalty if they file and pay by April 15, 2015.

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Farm Taxes: House Extends Expense Deduction and Bonus Depreciation

👤By Dwight Roberts, President & CEO, USRPA 🕔Dec 5, 2014

This week the House of Representatives passed, 378-46, a retroactive reinstatement of several tax breaks of particular importance to agriculture that expired on January 1 such as the business expense deduction and bonus depreciation.  H.R. 5771, the Tax Increase Prevention Act

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Taxes: Year-End Panic – Don’t Wait to Navigate New Rules – DTN

👤By Elizabeth Williams, DTN Special Correspondent 🕔Dec 5, 2014

If you reimbursed an employee for individual health care costs, received a crop insurance indemnity payment, traded commodity options this year or had a lot of repair bills, your 2014 taxes just got more complicated. That doesn’t even count the

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