Taxes
March 1 is often labeled the “Farmer Due Date.” It’s not a due date for tax returns, but it feels like one.
Many farmers looked at transferring assets to the next generation in 2021 via trusts. One trust option to consider is a Spousal Lifetime Access Trust (SLAT).
It is likely you will need to report all current business entities to the government in 2023. Any new entities must file within 14 days of formation.
I have long maintained everyone should be required do their own income taxes.
With tax season fast approaching, we pulled this great John Phipps column from the Farm Journal archives.
Farmers often ask if they can own farmland in an IRA. The technical answer is yes. But the more important and practical answer is you typically should not own farmland in an IRA.
USDA Secretary Tom Vilsack and Rep. Cindy Axne joined AgriTalk with host Chip Flory and Pro Farmer Policy Analyst Jim Wiesemeyer recently to comb through President Biden’s reframe of the Build Back Better (BBB) plan.
The potential elimination of stepped-up basis proved to be a hot-button topic for agriculture in 2021. Pro Farmer’s Ag Person of the Year earned the award for his work in stepped-up basis and Clean Air Act mandates.
On Tuesday, USDA Secretary Tom Vilsack rang in on AgriTalk to share agriculture’s angle in the BBB plan with host Chip Flory.
The newest tax proposal in Washington would impose a tax on billionaires. A farm tax expert warns the proposed changes could turn into a trojan horse for farmers and result in higher taxes within a decade.