Farm Industry Trends
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Does a CRAT make sense for you?
Farmers getting close to retirement can face a huge tax bill. Using a Charitable Remainder Annuity Trust (CRAT) can reduce this tax. We explain how.
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The Farm Financial Standards Council Annual Meeting
The annual Farm Financial Standards Council meeting started on Wednesday with committee reports. Today is full of topics related to Ag Data and the interplay with accounting. I will recap the day for you.
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Don’t Get Greedy on Non-Grantor Trusts
Setting up a non-grantor trust can create additional Section 199A deductions, however, you must be careful not to get greedy.
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The Four Super-Heroes of Succession Planning
Dave Specht gave a great talk on family succession and the typical super-heroes of this process at the AICPA Ag Conference. I am guessing you may be like one of these “super-heroes”.
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Details from Kansas City Fed Ag Credit Survey
The Kansas City Federal Reserve in their latest Ag Credit Survey show that American farmers continue to have financial issues.
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BIG tax is now 40% cheaper
The Built-in Gains (BIG) tax can apply when a corporation switches to an S corporation. However, the federal rate has dropped from 35% to 21`% saving 40% for many farmers and if they can keep their income at zero for five years, there is no BIG tax owed.
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HSA Creates a Triple Win
The Health Savings Account provides the only “triple” tax savings account. A deduction upfront; tax-free accumulation of earnings; and tax-free distributions if used for qualified medical costs.
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Might You Make an Investment in a Qualified Opportunity Zone Fund?
Investing in an Qualified Opportunity Zone Fund may make sense for you in the future. As of yet, we still don’t know enough.
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Form 1040 – Smaller But is it Better?
The IRS has released a draft of the new Form 1040. It may be “postcard” sized, however, farmers will likely have to include 3-5 new schedules to get their return filed.
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Will You Now Pay More in Sales Tax
The Supreme Court ruled that states can now require sales tax to be collected by online vendors. This may cost you in the future.