Tag: taxes

Pres Trump AFBF

Mr. President, do not take farm vote for granted

I know that many people involved in agriculture, myself included, were thrilled to see President Donald Trump take time out of his very busy schedule to visit the American Farm Bureau Federation Annual Meeting in Nashville in January. In that speech, we found out that the President is hearing about and working on so many [...]

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When to call an accountant: Know the signs

Outside help of any type can be hard for any business owner to weave into day-to-day operations. The thought of sharing business practices and financial information with outside service providers is an unsettling one to many. However, the day usually arrives when partnering with others to lighten your load is the right thing to do. In [...]

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money dollars

Farm income averaging can be a useful planning tool

As we all know too well, farming incomes can fluctuate from year to year depending on yields, market conditions, and of course in Ohio, the weather. In certain years a farmer could have large profits subject to higher tax rates and the following year have a loss or little profit that results in a minimal [...]

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Year-end tax bill benefits farmers

Today, Congress passed Protecting Americans from Tax Hikes (PATH), a bill that includes two important provisions affecting farmers. The bill will permanently cap small business deductions for capital expenses at $500,000, up from the previous limit of $25,000. The PATH Bill also extends the existing bonus depreciation for the purchase of new capital assets for [...]

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Business or hobby? It matters for farm taxes

Is your farm operation a bona fide business or more of a hobby? There is a difference in the eyes of the IRS and knowing how to classify your entity is crucial when it comes to your taxes. It affects the way taxes are filed and what can be deducted. Determining if an activity is [...]

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A good accountant: A more important resource than you think

As everyone involved in agribusiness knows, this industry is ever-changing. Whether you are a farmer or a supplier, the cyclical ups and downs of this business are unavoidable. It’s important to know how to adapt to changes in the economy, markets, customers, competition, technology, regulations, taxes…the list goes on and on. Adapting is easier to [...]

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Planning for 2014 taxes

For the past several years, many of Ohio’s farmers have had the enviable task of planning for higher incomes because of historically high crop prices. Year-end tax planning became increasingly important with the passage of the 2012 Fiscal Cliff legislation (passed on Jan. 1, 2013, but made retroactive to 2012). This legislation contained several provisions [...]

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Good news about Ohio taxes just got better for farmers

It’s not too often you can read the words “good news” and “taxes” in the very same sentence, particularly when your business is farming. But Ohio farmers did indeed receive some good news about taxes over the past year. And now — brace yourself — because that news is getting even better. First, let me recap [...]

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