Tax Tips for Farmers

March 3, 2010 06:00 PM

Here you can find various articles published by Farm Journal Media to assist you during tax time.

Jeanne Bernick, Top Producer Editor
Many farmers who structure their operation simply as a sole proprietor may be losing several thousand dollars each year since all of their farm income is subject to self-employment tax, says Paul Neiffer, a CPA with HansenNvOPS in Washington.
Paul G. Neiffer, CPA
Our readers have had several comments on our "Farm Entity Structure Lessons Tax Burden" article that was filed on March 2, 2010. We thought we would update the article with our responses to several of their questions.
Sara Schafer, AgWeb Crops & Business Online Editor
Watch the following videos for tax assistance, straight from the IRS.

Jeanne Bernick, Top Producer Editor
After nearly three decades of consulting with farmers on tax matters, Paul Neiffer of Hansen Neiffer CPAs & Consultants realized farmers need a tax calendar to know when the numerous reports and forms are due. Neiffer put together this calendar exclusively for Top Producer for 2010. You might want to cut it out and paste it on your office wall.
By Jeanne Bernick and Roger Bernard
One thing about the federal estate tax, affectionately known as the death tax, is that it's not going to die. The tax is scheduled to go away for one year in 2010, but current provisions expire next year, making the repeal only temporary.
Jeanne Bernick, Top Producer Editor
Of all the taxes out there, self-employment tax is the one farmers most despise. The burden can be much less, however, if you structure your operation the right way, Lance Fulton, tax consultant with Kennedy & Coe, told farmers at the Top Producer Seminar.
Jeanne Bernick, Top Producer Editor
The reality of taxes is that they are a long-term strategy, and farmers can utilize them in their business to a competitive advantage, says Lance Fulton, tax consultant with Kennedy & Coe.
Jeanne Bernick, Top Producer Editor
In the March 2009 issue of Top Producer, tax consultant Lance Fulton of Kennedy & Coe offered a unique plan for building a retirement fund with grain while also reducing the burden of paying self-employment tax on that grain, in the article "Pay Less at Tax Time."

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