Farmers, like other business owners, may deduct “ordinary and necessary expenses paid . . . in carrying on any trade or business.” IRC § 162. In agriculture, these ordinary and necessary expenses include car and truck expenses, fertilizer, seed, rent, insurance, fuel, and other costs of operating a farm. Schedule F itemizes many of these […]
Deducting Farm Expenses: An Overview Read More »
Many successful business people own homes in the country, with significant acreage around them. If you’re one of these people, and you’re tired of paying big taxes on that extra land, you may want to consider using it for a small farm. On a small farm, you can raise crops or livestock. Here are a
5 Ways to Get a Small Farm Tax Break Read More »
Note — For additional and updated information, please see the IRS’ Agriculture Tax Center. FS-2007-20, June 2007 To educate taxpayers about their filing obligations, this fact sheet, the thirteenth in a series, highlights some income sources and deductible business expenses of farmers. Incorrect reporting of farm income and expenses accounts for part of the estimated $345
Reporting Farm Income and Expenses Read More »
If you own a home, you’re no stranger to property taxes. There are property tax breaks for seniors, people with disabilities and other protected classes, but did you know that there are agricultural tax exemptions, too? If some of your land can be classified as farmland, you could reap significant tax savings. Learn some handy tips
Understanding Agricultural Tax Exemptions Read More »
Issue Overview Running a farm or ranch business is challenging under the best of circumstances. Agriculture operates in a world of uncertainty—from unpredictable markets to fluctuating farm business costs, to weather disasters and disease outbreaks. Farmers and ranchers need a tax code that provides certainty and recognizes their unique financial challenges as they work to provide
Agriculture and Tax Reform Read More »
It feels great to get a high price for the sale of your home, but watch out: The IRS may want a piece of the action. That’s because capital gains on real estate are taxable sometimes. Here’s how you can minimize or even avoid a tax bite on the sale of your house. How does a
Selling a House? Avoid Taxes on Capital Gains on Real Estate in 2021 Read More »
2020 introduced a number of unprecedented situations that have required some massive adjustments. And now, with the tax filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline. Chief among them: uncertainty around the economic stimulus given to American taxpayers as part of the Coronavirus Aid, Relief and
Stimulus payments and tax returns: What tax pros need to know Read More »
As employers learn about the paid-leave requirements under the Families First Coronavirus Response Act (FFCRA) and corresponding tax credits, misconceptions have arisen related to such details as when to claim the credits and which employers are eligible to claim them. The FFCRA requires employers with fewer than 500 employees to provide up to 80 hours
Steer Clear of Misconceptions About FFCRA Tax Credits Read More »
The rapidly-changing regulatory environment and what this means for physician practices COVID-19 has changed the way physicians practice medicine. The CARES Act has put forth many provisions for healthcare practitioners to survive. The Trump administration has issued temporary regulations and waivers along with new rules so that our health system can respond to the pandemic.
TAX IMPLICATIONS AND INCENTIVES FOR PHYSICIAN PRACTICES IN AN AGE OF COVID-19 Read More »
What is CAT? A tax imposed for the privilege of doing business in Oregon This tax is in addition to any other taxes or fees imposed under the tax laws of Oregon This tax is imposed on the seller/service provider, not on the purchaser This tax is an annual privilege tax for the calendar year
Oregon Corporate Activity Tax Read More »
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