← FarmCPA Home

Farm Tax Resources

By: | Trackback URL | No Comments

September 22nd, 2010

A reader asked me for any books that I would recommend regarding farm taxes.  As a CPA, there are several courses around the US that I can attend to get my continuing education and these courses do provide workbooks for us as CPAs.  However, they are not designed for reading by a farmer since they are more in a outline format.

I have researched this on the Internet and have found a couple of small booklets on the subject that I think can help farmers.  You do need to make sure that these resources are updated each year since the tax law does change and lately, it changes rapidly.  Two that I find helpful are:

  1. University of Minnesota Extension has a “Ag Income Tax Update for Farm Families“.  This gives a good overview of farm taxation including some Minnesota specific data.
  2. North Dakota Extension Service has a good guide on tax records retention labeled “What to Keep Where and For How Long”
  3. Washington State University prepared a “Federal Income Tax Management for Farmers and Ranchers” guide back in October, 1995.  Although this is outdated, the actual guide has very good income tax planning principles that will not get outdated.
  4. Another slightly outdated manual was prepared by Purdue University titled “Income Tax Management for Farmers in 2008“.

Finally, the old standby is Publication 225 from the IRS – “Farmer’s Tax Guide”.  This is a very comprehensive outline of farm taxation from the IRS standpoint.  It does a great job of explaining the tax law, but you will not find any tax planning or strategies in this guide, but you need to be able to use it.

There are a couple of out of print books that you may be able to find on Amazon or the net.  The  first book is “Farm Estate and Business Planning” by Neil Harl, long-time instructor at Iowa State University.  I have the 1994 version in my library and I think the last time it was updated was 2001.  As the title indicates, this is primarily a book on tax and estate planning for farm families and does a great job on that subject.  You will not find much current income tax planning in this book.

Another book is Ag Executive’s Tax Guide for Farmers and Ranchers by Davenport and Dunteman.   This book was published in 1993, so a lot of the material is outdated, but a lot of planning topics are still pertinent.

Some of the paid marketing services such as Pro Farmer, DTN, and others have several income tax related sections and most of these are quite good and are updated at least annually.

My personal goal assuming I find the time is to come up with my own “Farmers Tax Guide” and post it on my site and keep it updated at least annually.  With the personal extensions almost done, this will give me about 3 months to get it done before tax season.

Paul Neiffer

Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a partner with CliftonLarsonAllen in Yakima, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. In fact, Paul drives combine each summer for his cousins and that is what he considers a vacation. Leave a comment for Paul. If you would like to leave a comment for Paul, follow the link above, however, please make sure to include your email address so that he can reply to your comment (your email address will not automatically show up).

More Posts - Website

Follow Me:
Twitter

← FarmCPA Home

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Subscribe to this blog by:

Previous Posts

Events

View upcoming speaking engagements and other networking events for Paul Neiffer and CliftonLarsonAllen’s agribusiness team.

See All

  • Twitter Feed

    Presenting two farm bill seminars today. Dayton and Walla Walla 1 day ago

    Netflix down $110 in after hours trading. Sign of momentum stocks going flat? 1 week ago

    Getting ready to go to LA to defend my son and I APU Alumni golf tournament victory last year. I may have to carry him again 1 week ago

    Everybody worried about bubble in land market. They should worry about stock market bubble 1 week ago

    77 degrees on October 8. Perfect. 2 weeks ago

    Somehow IRS listed several counties in Iowa as drought stricken. Hard to believe after all the rain this year 3 weeks ago

    Just saw a bighorn sheep eating grass in the bank next to the freeway. Less than 30' from my car. 1 month ago

    After 82 days in a rental car my wife has talked me into a cruise. We leave Thursday for Miami. Can't wait 1 month ago

    Will final ear weights set a new record. If so final corn yield will be going higher (unless we get an early hard freeze) 1 month ago

    Getting Train the Trainer info on the new Dairy Margin Protection program today in Denver. Learning a lot so far 1 month ago