Taxes
The new 199A cooperative deduction is a source of uncertainty across the board for farmers and policy-makers alike.
Tax reform, the farm bill and trade policy will all be topics covered by Pro Farmer Jim Wiesemeyer at the 2018 Top Producer Seminar.
One of the better tax credits relates to increasing research and development (R&D) in your farm operation. Congress has expanded the availability of the credit, and many farmers now qualify to take it.
Despite whether these changes happen or not, there are two key issues farmers need to be aware of when it comes to dealing with the farm bill and Section 179 is at the top of that list.
After a day of senatorial stubbornness and political tussling, the Senate now seems willing to vote on a bill that would extend the Section 179 tax deduction through Dec. 31 of this year and expand it to $500,000.
Restoring the tax provision would allow farms and dairies to write off capital purchases instead of depreciating them over time.
Democratic candidate Chuck Hassebrook said he would work to lower property taxes, but he’d prefer that most of the benefits go to owner-occupied farms and landowners who actually live in Nebraska.
All in all, the Tax Relief Act of 2010 was probably the best Christmas gift given to farmers by Congress in a long time.
Here’s a look at what writers across the country said about that issue, along with crop chemicals and commodity swaps, this weekend.
Following several years of IRS investigation, Wednesday Sens. Chuck Grassley (R-Iowa) and Ron Wyden (D-Ore.) launched their own probe into the potential abuse of syndicated conservation easement transactions.