From depreciation and carrying forward losses to research and development credits, public contractors rely on an array of tactics to help minimize tax bills. This article is the second in a series looking at what public and private construction firms pay in federal taxes and the techniques some of them use to minimize their tax […]
5 strategies construction firms use to lower their taxes Read More »
If you’ve read the beer trade press in recent weeks, you might have the sense that May was not a great month for the craft category. And, if your frame is scan data and your only comparison is 2020, you’d be right. That said, this is a reminder that 2020 was not a normal year,
Negative Craft Beer Sales Trend ~ Is this a good thing? Read More »
’Tis the season to crack open a cold one, whether it’s at a cookout, at an all-American baseball game, or on a tubing trip down a slow-moving river. In the midst of summer’s usual uptick in beer sales, how much of our cash is actually going toward the cost of a brew? Less than you might think.
How High are Beer Taxes in Your State? Read More »
The head of Deschutes Brewery says the proposed alcohol tax introduced in the past week to the Oregon Legislature is akin to kicking the homegrown industry while it’s down. After a year of partial openings and closings and reduced revenues from the lack of keg sales, beer brewers need every advantage to keep the doors
Lawmakers ponder tax hike for brewers, wineries and distilleries Read More »
As if times aren’t tough enough, beer may get more expensive. This is because the temporary federal excise tax cuts on alcoholic beverages are set to expire at the end of the year, unless Congress acts. The loss of these excise tax credits will hit the beer industry hard, as shutdowns and curtailed re-openings due
Beer Taxes Set To Jump Read More »
For many, being a farmer is a way of life. It’s in your blood. It’s a connection with the land and the animals you care for. However, sometimes what our gut says is a farmer doesn’t meet the definition for tax purposes. Not all activities people associate with farming create what the IRS considers farm
How to Determine If You’re a Farmer for Tax Purposes 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 »
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