Category Agriculture
Planning Retirement For Your Child
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…
Iowa Sec. 179
We have just received word that IOWA is not planning on coupling with Federal tax law on the Sec. 179 write-off of equipment.
Standard Mileage Rate Drops for 2017
Beginning Jan. 1, 2017 the standard mileage rates will be: 53.5 cents per mile for business miles driven (down from 54 cents per mile in 2016) 17 cents per mile for medical or moving purposes (down from 19 cents per…
Beginning Farmer Tax Credit
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…
Denver to the Smoky Mountains
Every year we try to make it to at least one national conference focusing on the new tax laws & regulations and updates in the agricultural world. This year we were fortunate enough to attend two conferences. Back in May,…
MILEIQ App Review
MILEIQ App – Are you familiar with it? It’s the easiest and most user-friendly app to track an individual’s mileage. Let’s take a look at why this app has remained at the top of the App Store sales charts and…
Paying Farm Kids for Farm Work, Part III
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…
Paying Farm Kids for Farm Work, Part II
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.…
Paying Farm Kids for Farm Work, Part I
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…