Taxes
I am frequently asked: “Should I maximize my earned income for a few years before retirement to increase my Social Security retirement benefits?” My answer is the typical, “It depends.”
Chip Flory of AgriTalk and Pro Farmer policy analyst Jim Wiesemeyer have a conversation with Paul Neiffer of CliftonLarsonAllen about potential future tax liabilities for farmers and ranchers.
Chip Flory discusses reconciliation bill outlooks with South Dakota and Arkansas Senators as well as AFBF President.
The Green Book that President Biden released this year has several tax provisions that may negatively affect your farm operation. Let’s dive in.
The ERS at the USDA tracks the effect of inflation (or to put it another way, less valuable money) on farmland prices. John Phipps looks at the numbers in relation to stepped-up basis.
This week, Paul Neiffer has a conversation with Pro Farmer policy analyst Jim Wiesemeyer. They discuss President Joe Biden’s tax plan, carbon markets and more.
Paul Neiffer says the most drastic part of the STEP Act is it applies to all transfers after Dec. 31, 2020.
One farm tax expert says the proposal wouldn’t just tack on that tax at death. He says the proposal, as written today, would also place a tax on gifting assets like tractors while the farmer is still alive.
Farmers may be eligible for an increase to their original Paycheck Protection Program (PPP) loan or perhaps qualify for a second PPP loan.
Most farmers assume they can elect to defer these proceeds to 2021. But you must follow certain rules to qualify.