Farm Finances: 2020 Budgets – Don’t Forget Family Living Costs Nov 18, 2019

🕔Nov 18, 2019In 2018, the total noncapital living expenses of 1,306 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) average was $77,999–or $6,500 a month for each family. […]

Farm Taxes: Steer Away from Cash Accounting? – DTN Nov 5, 2019

🕔Nov 5, 2019Cash method of accounting is under attack. In February 2017, the IRS issued an Action and Decision letter in response to losing Burnett Ranches LTD v. U.S. Under the Internal […]

North Dakota: Ag Producers Income Tax Management Program, Nov. 15 Oct 29, 2019

🕔Oct 29, 2019A tax management program will be offered to ag producers and tax preparers from 9 a.m. to noon CST on Nov. 15 at nine interactive video sites in North Dakota. […]

Bankruptcy: Are Taxes Dischargeable? Sep 9, 2019

🕔Sep 9, 2019When facing financial trouble and bankruptcy, don’t forget about the taxes.  While Chapter 12 bankruptcy contains a provision allowing for the deprioritization of taxes, there is no comparable provision for […]

Taxes: Does the IRS Consider Your Farm a Hobby or a Business? May 8, 2019

🕔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 […]

Texas: Ag Law Program, San Antonio, June 7 Apr 30, 2019

🕔Apr 30, 2019The Texas A&M AgriLife Extension Service will present “Owning Your Piece of Texas: Agricultural Laws Texas Landowners Need to Know” on June 7 in San Antonio. This free program is […]

Arkansas Water Tax Credits Program Receives a Face Lift Apr 24, 2019

🕔Apr 24, 2019The Arkansas Natural Resources Commission (ANRC), which establishes policy for conservation, water rights, and resource planning, oversees a state tax credit of up to $10 million a year available to […]

Property Taxes Rising: Up 21.3% in 2017 Compared to 2012 – DTN Apr 17, 2019

🕔Apr 17, 2019The big fight in the Nebraska Legislature this year is over plans to reduce property taxes, which has the state’s farm lobbies pushing lawmakers hard for some relief. Numbers taken […]

Farmer Tax Credits: 4 To Consider Going Forward – DTN Mar 5, 2019

🕔Mar 5, 2019I’m writing this column at 10 p.m. at night after a long week reviewing tax returns. Although tax reform has produced some mixed results, I’m still finding benefits for my […]

IRS Waives Estimated Tax Penalty for Farmers Mar 1, 2019

🕔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 […]

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