If you own an agricultural business that has been impacted by the COVID-19 pandemic, consider applying for the EIDL (Economic Injury Disaster Loan and Advance). The SBA opened up a special application period for agricultural businesses on May 4th, 2020.…
Are you a retired or a retiring farmer who is renting or crop sharing with a beginning farmer? If so, this blog is for you! The 2020 application for the Beginning Farmer Tax Credit has been released and applications are…
It shouldn’t come as a coincidence that the recent Farm Tax Update class that @timlbaker and I attended was located in the Rocky Mountains as it is safe to say the Tax Cuts and Jobs Act (i.e. Tax Reform) has…
Notice 2018-77 just released the new 2018-2019 special per diem rates for those in the transportation industry. The new meal and incidental expenses (M&IE) rates for truckers is $66 per day. This is up from 2017 where the rate was…
If your business has employees, you’ll have to do payroll. There’s no way to avoid it, but what really is payroll? There are 4 basic components to payroll: Paying employees compensating employees for the work they do Withholding and paying…
In early June, Tim and I had the opportunity to attend a two – day conference on farm income tax and estate planning out in Shippensburg, Pennsylvania, which is approximately 30 miles west of Gettysburg. At the forefront of tax…
For the 2017 tax year the Federal Section 179 depreciation deduction limit is now at $500,000, it is easy to think that any fixed asset classified as personal property can now be expensed. However, in the year of purchase, it…
Beginning January 1, 2018 the standard mileage rates will be: 54.5 cents per mile for business miles driven (up from 53.5 cents per mile in 2017) 18 cents per mile for medical or moving purposes (up from 17 cents per…
