Document retention policies help ensure necessary documents are properly stored and protected. A document retention policy should contain a list of documents or document categories and the length of time nonprofit organizations should retain such documents. The document retention policy should also include electronic documents and digital storage. The development…
Being a real estate professional in the eyes of the IRS offers several benefits, particularly in terms of tax advantages. One of the primary benefits is the ability to deduct losses from real estate activities against other types of income, such as W-2 income or 1099 non-employee compensation. This…
For the purposes of this article, we will refer to farms and ranches and “farm(s),” and farmers or ranchers as “farmer(s).” One great opportunity that can be missed on the family farm may be the hiring of your children to work for your operation. Hiring children to work can provide…
And should you hunt for them? We are often asked about things like medical expenses or that extra $25 donation and whether you should dig all of those things up. Under the current tax law, for many, the answer is probably not. You get the higher of your standard…
For the purposes of this article, we will refer to both farms and ranches and “ranch(es),” and farmer or rancher as “rancher(s).” I know a person who is a ranch employee for a large ranch and feedlot operation. Each fall, his employer pays him an annual bonus with a “load…
Charitable donations are a powerful tool to give back to your community and support causes dear to your heart while saving on income taxes. It’s crucial to navigate the process wisely to ensure your contributions are maximized and compliant with tax regulations. Choosing the Right Organizations When considering charitable…
I had the pleasure of attending the 2025 South Dakota Governor’s Conference on Tourism, and let me tell you, it was quite an event. The conference brought together industry leaders, policymakers, and business owners from across “the 605” to discuss the current state and future prospects of tourism…
The March 1st deadline for farm tax returns allows qualifying ag producers to file their tax returns and pay any tax due without having to make estimated tax payments. To take advantage of this deadline, you must meet these specific requirements and conditions: Definition of a Qualified Ag Producer…
Growing up with my father being a Financial Advisor, I knew that I wanted a career in the business realm like him. When I started college at the University of South Dakota’s Beacom School of Business in 2020, similar to many other students, I wasn’t exactly sure which route…
As many high school seniors do, I spent many months searching for a scholarship to reduce my future college debt. This is where my introduction to accounting started – when I stumbled upon the Dakota Corp Scholarship. That and the advice given to me by family and relatives, most…
