Farm Leadership
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199A Proposed Regs or Final: Use What Is Best for 2018 Tax Returns
The final 199A regulations indicate you can use either the final or proposed regulations for 2018 returns only. If you farm as a C corporation, you may want to use the proposed regulations.
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Final 199A Regulations – Good News and Bad News
The IRS issued final 199A regulations on Friday. We recap the major changes regarding farm rental income. There is both good news and bad news.
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Today is Farmer’s Estimated Tax Due Date
January 15 is the due date for making a farmer estimated tax payment for 2018. I would highly recommend making a payment this year due to tax reform.
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What Are Capital Gains
The new Section 199A deduction has final limit of 20% of taxable income minus net capital gains. What is net capital gains? We go over the detail
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Good News for Feedlots
In a post from last week we were not sure if a feedlot that did not buy cattle was a farmer. After doing more research, a feedlot is a farmer whether it owns the cattle or not.
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Where is CLA?
CLA is attending several conferences this week. If you get a chance, please stop by and say hi to our staff. Next week, I will be doing a two hour webinar on Section 199A and farmers, plus Chris Hesse and myself will be doing a full 8 hour CPE webinar on the new tax law and farmers. This is our last session of the year dealing directly with farmers and the new tax law.
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Trade-Ins and Self-Employment Tax
Many farmers strive to report a certain amount of self-employment income each year to increase their social security retirement benefits. The new tax law has negatively impacted this strategy if they trade-in farm equipment during the year.
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What I am Thankful For.
Happy Thanksgiving to all of our readers. I just give a few things I am thankful for.
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Rentals – Is it QBI or Not?
We continue to have multiple questions on whether rents rise to the level of being a qualified trade or business. I attempt to answer this based on the case history of rents in the farm area. In many cases, there is still uncertainty.
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The Biggest “We Don’t Know Yet”
There are still several parts of the new tax law that we don’t know answers to. We review some of the key ones.