Farm Taxes
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Social Security Benefits to Increase .3% in 2017
The Social Security Administration just announced that benefits will increase by .3% beginning in 2017.
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Get a Deduction for Donation of Raised Farm Products
Farmers usually get no deduction for donating farm products. However, there is a special provision that allows a deduction of 50% of the fair market value of the farm product in certain situations.
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Be Careful of New Tax Filing Due Dates
Many of the tax due dates have been changed. We review most of the major changes.
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Proposed IRS Regulations May Lead to More Phantom Assets
The new IRS proposed Regulations on estate valuations have some more “phantom” assets that may get subject to the 40% estate tax. We review one that could hit farmers.
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Many Ranchers Can Defer Livestock Sales for Another Year
If your county is in a drought situation and you had to sell excess livestock due to the drought, you may be able to defer reinvesting these proceeds for another year (beyond the normal four years). The IRS just released a notice listing the counties that qualify.
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Congress Trying to Prevent New 2704 Regulations
Some members of Congress are trying to prevent the implementation of the proposed regulations from the IRS on the eliminating minority discounts, etc.
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KSU/Washburn University – Part Two
I recap additional discussions at the first annual Ag Symposium held in Manhattan, Kansas.
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KSU/Washburn Ag Symposium – Part One
I am at the Kansas State University/Washburn University first annual Ag Symposium. I am speaking today on entity planning and will update for items of interest.
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Watch How You Account for Your “Entity”
The Tax Court issued a ruling yesterday involving a Texas Corporation and the two brothers who owned it. It did not go well for the taxpayers.
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Senator Wyden Proposes Major IRA Changes
Senator Ron Wyden (D-OR) is proposing major changes to IRAs and ROTH IRAs. I review the proposal and let you know whether I think they are good or bad for famers and other taxpayers.