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Build It In America Act – Will Bonus Depreciation Be Extended?
A Bill that offers an extension of 100% bonus depreciation has made it through Committee. We discuss its benefits and its importance to the industry
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IRS Announces 2024 HSA Contribution Limit
The IRS has increased HSA limits for 2024. We discuss the advantages of these accounts.
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USDA Extends Deadline for Applications for PARP/ERP2
More time is now available to complete PARP and ERP2 applications. The USDA has extended the due date to July 14.
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What Do You Mean I’m Subject to IRMAA?
Medicare premiums are based on taxable income. If you’ve received a large adjustment in your premiums that resulted from a life change, make sure to consider appealing the adjustment.
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Managing Risk is About More Than Hedging and Insurance
Risk is everywhere. Have you considered the risks related to not having formal contracts and agreements in place for critical components to your operation?
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Don’t be Afraid of the Big Bad…Tax Notice
Tax notices can be intimidating. However, they are not always correct in their assumptions. Be careful to not overreact.
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What Do You Mean I Have to Pay Sales Tax?
Many producers believe they are exempt from sales tax on their farm-related purchases. Sales tax exemptions are complicated and apply only to specific items.
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Is Your State Tax Rebate Taxable?
Many states issued special tax refunds/rebates during 2022. We discuss whether these payments are considered taxable income.
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Do I Need a Trust?
Trusts are valuable tools in estate planning, but there is not a one size fits all approach.
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Large cattle ranchers/dairies may qualify for immediate expensing of cost to raise calves.
When I talk to large ranchers/dairies who are on accrual basis of accounting and do not qualify as a small business, they assume that they are subjected to the UNICAP rules under 263A and needs to capitalize cattle/cows and depreciate cattle/cows instead of expensing or treating as inventory. This presumption is partially correct, if the […]