Taxes
The integration of artificial intelligence into financial systems is ushering in a more sophisticated era of tax management — one where software handles the heavy lifting.
With the federal estate tax exemption at historically high levels, most family farms are no longer at risk of paying federal estate tax. Shift your focus to income tax planning and preserving the step-up in basis at death.
People often think they can figure out their estate plan later – when they are older, richer, sicker, free from debt and the list goes on. Expert Polly Dobbs says you should have a plan in place that fits today’s circumstances.
The “One Big Beautiful Bill Act” brings a range of updates for dairy farmers including extended DMC coverage, expanded tax relief, insurance incentives and pricing transparency measures.
The Senate and House each have their own Committee proposals for President Trump’s Big Beautiful Bill. There are some key differences in each that could impact farmers and ranchers.
While the 1,000-page bill includes spending increases for agriculture-facing programs by $56.6 billion over the next decade, there’s one major priority that didn’t make it into the House’s version.
What’s the long-term difference between starting a retirement plan at age 20 versus 40? Farm CPA Paul Neiffer crunches the numbers.
The massive bill faced two major hurdles, passing out of both the House Agriculture and House Ways and Means Committees. While the legislation is filled with positive tax provisions for farmers, potential cuts to SNAP are creating controversy.
Income tax law will change this year, and it will be dramatic. Though the crystal ball right now is fairly cloudy as to the final provisions, the changes will likely be beneficial for most farmers.
Three key provisions in the 2017 Tax Cuts and Jobs Act are set to expire in December. Planning now can help farmers prepare financially if the provisions aren’t extended, says CPA Paul Neiffer.
Farm CPA Paul Neiffer details the differences between what USDA and the IRS consider as farm income.
Speaker Mike Johnson (R-La.), commits to fast-tracking Trump’s legislative agenda by May, which is perhaps the biggest bill in American history. There will be unprecedented spending cuts to help pay for it all, along with newly proposed tariffs on imported goods.
With 30 tax provisions set to expire at the end of 2025, four experts explain how and when you could be affected.
As you do your tax planning at year-end, be sure to review any assets you have held for at least a year to determine if your taxable income remains in the 15% tax bracket.
One of the biggest anticipated changes that could impact farms across the U.S. is the possible change to the tax policy under a second Trump administration.
Leading financial experts underscore the importance of farmers understanding the do’s and don’ts of a Line of Credit that will help producers during the downside of the rollercoaster markets they have gotten to know.
Even though many crops still stand in the fields, September and October are excellent times to meet with your tax accountant and start looking ahead for tax purposes.
Paul Neiffer reviews the important updates to the new Farm Bill proposals from the House Ag Committee.
As the year comes to a close, Paul Neiffer shares five ways to minimize the impact of income taxes.
If your spouse dies, look into filing Form 706 Federal Estate Tax Return with the IRS. Taking that step could help you protect farm assets so they pass to your heirs without estate taxes. The process isn’t automatic.
On Jan. 1, 2023, the percentage immediately deductible through bonus depreciation (a provision in the Tax Cuts and Jobs Act) went from 100% to 80%. It will continue dropping by 20% each year until it reaches zero.
A resolution introduced Tuesday would support the “preservation” of the rule and “oppose efforts to impose new taxes on family farms or small businesses.”
Get your day started with a brief rundown of key news.
Get your day started with a brief rundown of key news.
Get your day started with a brief rundown of key news.