The Social Security Administration released their final numbers. They continue to raise the new limit that you must pay Social Security/ Self employment tax on. The maximum base increases to $132,900 in 2019 (from $128,400 in 2018). This will result…
When paying wages to children to work on the farm, also plan their retirement by starting a Roth-IRA. Set up a Roth-IRA for your children, fund it annually (as long as you pay them wages and issue a W-2) and…
We have just received word that IOWA is not planning on coupling with Federal tax law on the Sec. 179 write-off of equipment.
Have you ever heard of the Beginning Farmer Tax Credit? Maybe you didn’t think you qualified or you thought it looked like too much work. The Beginning Farmer Tax Credit is designed to secure leased land and to help young…
Farm children of any age working in mom or dad’s farm operation provide more tax opportunities for farmers. Farmers can pay reasonable wages in the form of commodities to their children (for farm work) and reap family tax savings. Children…
Farm children 18 years or older working in mom or dad’s farm operation provide more tax opportunities for farmers. Schedule F and corporate farmers can pay reasonable wages to their children (for farm work) and reap large family tax savings.…
Farm children under the age of 18 working in mom or dad’s farm operation provide tax opportunities that often get overlooked. Schedule F farmers (sole-proprietors) can pay reasonable wages to their children (for farm work) and reap large family tax…
