Taxes
The tax credit unlocks new value in your grain. But the ticket to entry is getting on-farm data ready to share
Paul Neiffer reviews the newly signed bill, and explains why he gives this bill a grade of B+ for most farmers.
In addition to major tax provisions, the bill enhances the current safety net, providing $66 billion in new spending for farm programs.
The Senate and House each have their own Committee proposals for President Trump’s Big Beautiful Bill. There are some key differences in each that could impact farmers and ranchers.
While the 1,000-page bill includes spending increases for agriculture-facing programs by $56.6 billion over the next decade, there’s one major priority that didn’t make it into the House’s version.
What’s the long-term difference between starting a retirement plan at age 20 versus 40? Farm CPA Paul Neiffer crunches the numbers.
The massive bill faced two major hurdles, passing out of both the House Agriculture and House Ways and Means Committees. While the legislation is filled with positive tax provisions for farmers, potential cuts to SNAP are creating controversy.
Income tax law will change this year, and it will be dramatic. Though the crystal ball right now is fairly cloudy as to the final provisions, the changes will likely be beneficial for most farmers.
Three key provisions in the 2017 Tax Cuts and Jobs Act are set to expire in December. Planning now can help farmers prepare financially if the provisions aren’t extended, says CPA Paul Neiffer.