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…
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…
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…
The weather impacts all of us, but it impacts the farmer and rancher financially. Many farmers and ranchers have recently been impacted by major drought throughout most of the US. The IRS provides tax relief by allowing for the deferral of income under certain circumstances. There are two options available…
Each September the IRS publishes a list of counties for which exceptional, extreme, or severe drought was reported during the preceding 12 months. If you reside in, or are adjacent to one of these counties, and you sold more livestock than you generally do because of the drought, you may…
During the Fall season, I encourage Ag producers to pause and take some time to get caught up with their yearly bookkeeping. They should also spend some time reflecting on the current year and think about their plans and opportunities for the upcoming year. Accurate, up-to-date bookwork is essential to…
One of the special tax provisions that applies to qualified farmers is relief from the estimated tax requirements. Agriculture Producers may be familiar with the IRS rule stating that qualifying farmers who make two-thirds of their gross income from farming can wait to make their annual income tax payment until…
Many farmers and ranchers have recently been impacted by major drought throughout most of the US. The IRS provides tax relief for these individuals by allowing for the deferral of income under certain circumstances. There are two options available when electing to defer income from livestock that have been sold…
The Economic Aid Act Signed into law on December 27, 2020 not only introduced a Second Round of PPP funding, but changed the calculation for farmers and ranchers with no employees and who file Schedule F on their Form 1040. Instead of requiring the use of net profits…
