Taxes: Does the IRS Consider Your Farm a Hobby or a Business?

🕔May 8, 2019Understanding tax laws and guidelines can help you avoid unexpected tax consequences on your small farm or ranch. “Your tax return has been selected for examination by our office.” These […]

Farm Taxes and Vehicle Depreciation – What are the Rules? – DTN

🕔Apr 18, 2019I’m writing this article as my “break” from reviewing tax returns. Let me tell you, this has been a challenging year! Between new tax laws, new tax forms and certain […]

IRS Waives Estimated Tax Penalty for Farmers

🕔Mar 1, 2019The Internal Revenue Service (IRS) has waived the estimated tax penalty for qualifying farmers who file their return and pay any taxes due by April 15, 2019. “Typically, agricultural producers […]

Farm Equipment Leasing: New Tax Code Adds A Wrinkle – DTN

🕔Mar 14, 2018I’m sitting here reviewing tax returns and thinking about questions clients have asked throughout the busy season. With the low commodity prices and tax law changes, many clients have asked […]

Farm Business: Digital Farm Records Made Easy

🕔Feb 12, 2018Everyone knows the feeling. Boxes upon boxes fill up your garage, closet, attic, and about every other conceivable location, storing all those precious receipts and invoices. For the IRS you […]

Farm Taxes: Who Needs a 1099?

🕔Aug 14, 2017After 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 […]

Ask the Tax Man: Trading Into a Lease; IRS Notices; Pending Tax Legislation – DTN

🕔Jun 5, 2017Here are several recent experiences that have lessons, plus a thought on the upcoming tax legislation: TRADING INTO A LEASE With cash-flow tight and income taxes not an issue for […]

Farm Taxes: Conservation Easements are Viable Tool for Farmland Owners – DTN

🕔Mar 17, 2017Conservation easements (CEs) are getting a bad name. A few months ago, the IRS teed up marketed deals as a Form 8886 disclosure item in tax returns. That enters the […]

Ask the Taxman: Like-Kind Exchanges; Housing Deduction; LLC Value – DTN

🕔Feb 8, 2017QUESTION Our parents left their land to my brother, sister and me. We have a crop-share arrangement with a young farmer and are working to divide the properties. Since we […]

Farm Taxes: Heads Up! Major Change in Family Valuation Discounts – DTN

🕔Oct 10, 2016In early August, the IRS released draft regulations that, when effective, will impose major restrictions on valuation discounts of family-controlled entities. This represents a major change in our tax system, […]

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