Farm Taxes
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What Does the Cooperative Distribution Deduction Mean?
A provision in the Senate Tax Bill allows farmers in certain situations a larger deduction. We review how this works. However, the final bill may not have this provision.
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Real Estate Tax Limitation
There is some confusion on how real estate taxes will be dealt with under tax reform. We fill you in.
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Updated Tax Savings / Cost Examples
We update our table from about three weeks ago to reflect the new Senate 23% deduction for qualified farm income.
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We Should Have a Tax Bill
We finally have an actual tax bill from the Senate. We update you on the major items.
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Charitable Gifts of Commodities Have More Value Under Tax Reform
Farmers who donate grain get a tax benefit if they don’t itemize. Under Tax Reform, they may be able to donate more than they can now.
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Will There Be a Dividend Paid Deduction
The Senate Finance Committee has a provision in their Bill calling for a dividends paid deduction by corporation. The current rate is zero, but this may change if they can’t get the final corporate tax rate to 20%.
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Watch Out For State Taxes in Tax Reform
With major tax savings being proposed by the House and Senate, it is likely that many of those savings will not flow through at the state level. We review some of the major items.
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December 13, 2017 Farm Tax Planning Webinar
CLA will be putting on a Farm Tax Planning Webinar on December 13.
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Tax-Free Equipment Exchanges Gone But Might Not Matter (In Most Cases)
Farmers have concern that equipment exchanges will now be taxable. I explain why this may not matter. Also, the alternative calculation allowed by the House Bill for income subject to the maximum 25% tax rate may not be that generous for most of our farmers.
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Some New Goodies and Gotchas From the Senate
The Senate released revised changes to its proposal today and we review the major items applicable to most farmers.