Tax Time Tips#1-Dealing with the Tax Code

December 17, 2018 02:53 PM
 
 

As you prepare for 2019, it's also a busy time for closing the books on 2018. To complicate things, there's a new tax law in place.

Farm Journal tax expert Paul Neiffer says there's still some uncertainty surrounding that law, with more clarity expected in the coming months. To help you prepare,  Neiffer will share a tax tip a day this week on AgDay. His first tax tip deals with the uncertainty around how the tax code will play out. 

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Spell Check

Fritz the Banker
Omaha, NE
12/26/2018 08:44 AM
 

  I realize that tax avoidance is important, but the common problem with most tax-preparer's tax avoidance strategy is that it often reduces income to an inadequate level to achieve a positive term debt coverage ratio. This may affect the scoring of their loans with their ag lender, and affect their interest rates and even their ability to obtain funding. Tax preparers should take a balanced look at the client's needs, not only to the IRS but to the requirements of their ag bank.

 
 
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