Checklist of Farm Expenses Requiring Personal Adjustment
Farm owners reporting on Schedule F typically incur some expenditures that represent a mix of business and personal use. While no specific rules exist for making the computation between the business portion and personal portion, all allocations should be done in a reasonable manner. We have provided the following checklist to assist in identifying areas […]
Eligibility Checklist for Section 179 Depreciation
A true reality of keeping a business running is the ongoing purchase of equipment throughout the year, year after year. Fortunately, Section 179 (depreciation expense election) is designed to make purchasing that equipment financially attractive during the calendar year. With the increased importance of the Section 179 deduction—permanently $500,000 for federal tax purposes—the following can […]
Don’t Lose Ground: Things to Consider When Selling the Family Farm
Farm owners should carefully consider what would happen to their farmland in the event one of the owners passes away. Many issues come to mind, including whether the farm, as a business, would be able to survive. Questions have increasingly been centered on step-ups. Have you recently asked yourself how much of a step-up in […]
Enhanced Deduction for Contributions of Food Inventory
When ordinary income property such as inventory is given to charity, the deduction is generally limited to the taxpayer’s basis in the property. However, a special rule applies to several categories of inventory, including contribution of food inventory by a business.
Proceeds from an Easement or Right-of-Way
When you hear someone talk about building new pipelines or wind turbines, they often refer to an ‘easement’ or a ‘right-of-way.’ Farmers and ranchers are increasingly receiving easement, or right-of-way payments for expanded roadways, pipelines, wind turbines, electrical towers and similar permanent improvements that have a permanent impact on the use of their property.
Are you good to go for 2014 and 2015 ARC/PLC payments?
A final step is to be completed for 2014 and 2015 ARC/PLC payments by September 30th.
How the IRS views your investments
When it comes to taxes, all investments aren’t created equal — everything depends on their character and timing. So before you sell appreciated stock, buy interest-bearing bonds or even rebalance your portfolio, learn the tax consequences. Deferring vs. paying now The first distinction is between taxable and tax-deferred accounts. Retirement accounts such as traditional 401(k)s […]
Key considerations for purchasing or expanding a facility
When it comes time to undergo any kind of change in your business, you want to be aware of any factors that may impede on a smooth transition. A common endeavor seen in the manufacturing and agribusiness industries is the purchasing and expanding of physical facilities. Fortunately, there are a wide array of resources that […]
What should know about the 2015 tax filing season
The 2015 tax filing season was predicted to be “one of the most complicated filing seasons we’ve ever had” by IRS Commissioner, John Koskinen. The 2015 filing season certainly brought about new questions, and fortunately answers, but it also brought about areas in need of further explanation. For example, for the first time, return filers […]