Farmers Tax Guide
I have had several requests from farmers and their advisors regarding an online farmers tax guide. From what I can tell there is no such thing, but in the near future, there should be one.
I am working on a “wiki” based online farmers tax guide. This guide would be for income, estate, excise and other related taxes for farmers. It would have both the rules related to these taxes for farmers and related tax planning that farmers can take advantage of. This will take me a few more months to get it to the BETA stage since, as you can imagine, there is a lot of typing and inputting to do on this project.
Once it gets to the BETA stage, I will have a link on the FarmCPAtoday.com site to the Farmers Tax Guide. It will allow you to add comments and changes directly to any page on the site. I will review these comments and upgrade the site as needed based on this feedback.
I would encourage you to send me any comments or e-mails with any ideas on what you want to see in this project. Your feedback will guide me in what is important to you as farmers and their advisors. I think this is something that almost all farmers want and need and I will try to fulfill the need.
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
The IRS does publish an annual Farmers Tax Guide. It is Publication 225 and can be found at http://www.irs.gov/pub/irs-pdf/p225.pdf. An html version is available at http://www.irs.gov/publications/p225/index.html. Hope this helps.