May, 2019
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To Prevent Plant Or Not
Farmers are approaching the prevent planting crop insurance decision and current number crunching leans toward taking prevent plant, but you must run your own numbers.
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IRS Announces 2020 HSA Amounts
The IRS just released updated Health Savings Account limits and amounts for 2020.
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IRS Updates Guidance on Farm Income Averaging
The IRS finally updates their website for guidance on farm income averaging and qualified business income.
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75% AGI From Farming is Good
The Disaster Aid package expected to be signed by the President may allow more MFP payments to be paid to farmers.
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The Second MFP – How Much Will You Not Collect?
The USDA announced a new MFP program to help farmers. However, many farmers will not get the full payment they are entitled to.
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IRS Removes Farm Income Averaging Guidance on QBI
The IRS issued guidance last month on qualified business income and farm income averaging that did not make sense. It appears it was wrong and has been removed from their website. Additional guidance should be forthcoming.
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Is it Better to Pay Interest or the Penalty
A reader responds to our post on underestimated taxes and we provide related guidance.
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Are You a Farmer?
Farrmers have special provisions for making estimated taxes. However, you must qualify as a “farmer” and under tax reform that may become more difficult.
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What About Crop-Share Landlords
We respond to a couple more questions from readers on donating farm commodities to charities.
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More on Grain Donations
Yesterday’s post generated several questions and we answer them in today’s post.