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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 Business: Eliminating Estate Taxes Still High on Trump Agenda – DTN

Farm Business: Eliminating Estate Taxes Still High on Trump Agenda – DTN

👤By Chris Clayton, DTN Ag Policy Editor 🕔Sep 13, 2017

When President Donald Trump traveled to North Dakota last week to further his push for tax reform, the president highlighted the need to eliminate the estate tax. “We’ll also protect small businesses and family farmers here in North Dakota and

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Illinois: Increasing Property Taxes Impact Land Owner Returns and Equilibrium Land Values

Illinois: Increasing Property Taxes Impact Land Owner Returns and Equilibrium Land Values

👤By Gary Schnitkey, University of Illinois Department of Agricultural and Consumer Economics 🕔Aug 31, 2017

Since 2008, per acre property taxes in Illinois have increased substantially. These increases lower returns to farmland owners and magnify the losses associated with lowering cash rents. If per acre property taxes have reached a permanently higher level, equilibrium farmland

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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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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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Ag and the Farm Bill: Budget, Appropriations Issues Continue to Unfold

Ag and the Farm Bill: Budget, Appropriations Issues Continue to Unfold

👤By Keith Good, Farm Policy News 🕔Jul 21, 2017

This week, the House Budget Committee unveiled, and subsequently passed, a 2018 fiscal year budget resolution.  Meanwhile, the Senate Appropriations Committee on Thursday approved its fiscal year 2018 agricultural appropriations measure.  Today’s update provides additional details on these budgetary developments

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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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