January, 2019
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Are Major Changes Coming To Social Security
A bill from the House was released yesterday calling for major changes to Social Security. We review the major points.
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What to Deduct For QBI
Qualified Business Income has to be reduced by other deductions that show up on Form 1040. We review how that is calculated.
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Common Ownership = No Hours Required!
There is confusion on hours required under common ownership. The quick answer is there are no hours required.
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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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1245 Not 1231
When a farmer sells equipment, it can either be taxed as ordinary or capital gains income. We review the calculations.