Current rules have few of the complex but generous provisions of laws passed during the COVID-19 pandemic.
"It's back to more normal," says Kristine Tidgren, director of Iowa State University's Center for Agricultural Law and Taxation. It also could be a calm before big changes.
At the end of 2025, many of the provisions from the Tax Cuts and Jobs Act of 2017 expire. Unless Congress acts, income tax rates will rise, key deductions will go away, and the estate and gift tax exclusion will drop from almost $13 million now to an estimated $7 million, depending on inflation.
Before worrying about that, however, Tidgren, a national authority on ag tax law, recommends running these timely issues by your tax adviser.
First, thanks to cash accounting allowed to farmers, you have time-honored ways to shift expenses and income from one year to the next.
If you've had a good year, you can prepay expenses. Not so great? With a deferred payment grain sales contract, "you can choose to pull income back into 2023," she says. It's a decision you make when you file your return.
Also, as late as April 15, you can contribute to an individual retirement account.
Bu hikaye Successful Farming dergisinin December 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Successful Farming dergisinin December 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
THE WOMAN BEHIND 'THIS FARM GIRL COOKS'
Coming up with quick, on-the-go meals is one of the many talents Deanne Frieders brings to the table.
HOW TO GROW A DOUBLE CROP OF CATTLE FEED
This Iowa farmer has perfected an annual system with four forage species that maximizes tonnage, resources, and feeding quality.
GOOD FENCES MAKE GOOD NEIGHBORS
The doctrine of title by acquiescence determines the legal boundary line between two properties and overrules the boundary listed in the deeds.
TIME WELL SPENT
Senator Charles Grassley reflects on careers in farming and government.
BUILDING FARM STABILITY
This young farmer uses regenerative practices and diversification to set up his farm for the future.
THE MEXICO MAIZE
Navigating Mexico's ban of genetically modified corn.
NEVER TOO BUSY TO LEND A HAND
Between their cattle operation, crops, and off-farm jobs, Dean and Tillie Thompson have plenty to do, but they still find time to serve their community.
WHAT SHOULD THEY EXPECT?
Problem: Two parents are conflicted about meeting their kids' inheritance expectations.
TIPS FOR A SAFE HARVEST
Follow these steps to protect you and your machinery while in the field this autumn.
9 NEW DAIRY PRODUCTS
See the latest innovations displayed at World Dairy Expo.