February, 2017
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A Lightning Strike
No tax law update today. Just a story about a lightning strike hitting the airplane I was flying on.
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Watch Out for Excess Farm Loss Rules
If you received a CCC loan this year and you have a farm loss greater than $300,000, you may not be able to deduct all of the loss.
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Possible Advantages of Border Adjustment
The proposed “destination-based” tax has advantages and disadvantages. We recap some of each.
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Looking for Farm Health Insurance Reimbursement Options in 2017?
Reimbursing employees for health insurance has gotten a little easier. We examine what you can do in 2017.
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Farmland Values Continue to Slump
The Federal Reserve Bank of Kansas City released their latest Ag Credit Survey yesterday. The news was not good for farmers, however, it may be starting to get less “worst”.
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Will We Get a Mix of Interest Deductions & Full Write-Offs
Full Expensing of business asset purchases or deducting your interest. Which would you choose? Tax Reform may allow both for smaller operations.
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Some Examples of Destination Based Cash Flow Tax
One of the tax reform proposals is a destination based cash flow tax (a form of a value-added tax). We review some examples of how this may affect farmers.
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Is it Time for Sliding Scale Subsidies on Crop Insurance?
The new farm bill is being discussed right now. One of the discussion points will be subsidies for crop insurance. Might we see a sliding scale based on price of the commodity?
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Now is the Time to Make Commodity Gifts
To take full advantage of gifts to kids, you need to make a gift of grain harvested in the prior year. This is a perfect time to make that gift.