A “Rocky” Reform
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…
Tag Agriculture
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,…
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…