Taxes
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.
The Farm CPA Paul Neiffer says these three topics alone: the tax code changes, the farm bill or biofuels policy give him a lot to stay on top of
Farm CPA Paul Neiffer details the differences between what USDA and the IRS consider as farm income.
Farmers First Trust uses a specific transaction process that can help farmers sell the family operation without the immediate tax burden.
Speaker Mike Johnson (R-La.), commits to fast-tracking Trump’s legislative agenda by May, which is perhaps the biggest bill in American history. There will be unprecedented spending cuts to help pay for it all, along with newly proposed tariffs on imported goods.
With 30 tax provisions set to expire at the end of 2025, four experts explain how and when you could be affected.
Paying an inheritance tax in many cases would require selling acreage or even dissolving a farm that goes back centuries.
With the unknown of if and when Congress will act, guidance is available based on estate size.
As you do your tax planning at year-end, be sure to review any assets you have held for at least a year to determine if your taxable income remains in the 15% tax bracket.