Section 199 Tax Mess Getting Untangled, But Also Held Hostage

🕔Mar 14, 2018It looks like Congress has a possible fix to the Section 199A cooperative deduction in the recently passed tax bill.  However, the fix is being stalled in the Senate. The […]

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

🕔Dec 6, 2017Many 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 […]

2017 Tax Reform: How Would Proposals Affect Farmers?

🕔Oct 23, 2017It 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 […]

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

🕔Oct 10, 2017Farmers 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 […]

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

🕔Sep 20, 2017It’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 […]

Farm Taxes: Deducting Expenses – An Overview

🕔Aug 1, 2017Farmers, 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 […]

Taxes: Buying Inherited Land; Section 179 Deduction – DTN

🕔Feb 10, 2016QUESTION: 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. […]

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

🕔Feb 2, 2016In 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 […]

Georgia Taxes: Farm Expense Deduction – Avoiding Deadline Penalties

🕔Mar 5, 2015Farmers 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 […]

Farm Taxes: House Extends Expense Deduction and Bonus Depreciation

🕔Dec 5, 2014This 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 […]

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