Farm Taxes
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Will the Section 199A Cooperative “Fix” Get Passed on March 23
A proposal to fix the Section 199A cooperative deduction appears to be on the horizon. Will it pass by March 23. We give you the details on the proposal.
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A Request for Extension to File S Corporation Election
The National Society of Accountants has sent a formal letter to the IRS requesting an extension for filing S Corporation election this year.
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Where’s Waldo (Paul) – Part Deux
Even though it is tax season, I will be out on the road doing four new tax law seminars. Plus, here is a chance for our East Coast readers to attend a two day session on the new tax law, etc.
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We Are Starting to See How New Inflation Rules Affect Taxpayers
The new tax law changes how inflation if calculated. This results in the adjustment being lower and we see how it affects the lifetime exemption amount for estate and gift tax purposes.
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Section 199A Does Offset Other Income
A reader wondered if the new Section 199A deduction is deductible for adjusted gross income purposes. It is not and we explain why.
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Should You File by March 1?
Farmers can either pay one estimated tax payment in January or file by March 1. We believe that more farmers should make the estimated tax payment in January and file in April. We give you some of the reasons why.
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Can a Fiscal Year Corporation Ending in 2018 Carryback a NOL
The rules on net operating losses have changed. Most of them are not good and if you are a fiscal year C corporation, they are even worse.
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Like-Kind Exchanges and Unadjusted Basis
The new Section 199A deduction has a limit if your taxable income is too high. The limit can be affected by 1031 exchanges. We explain why.
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How Fast Can We Depreciate Vines and Plants
Farmers who grow apples, grapes, oranges and other fruits were required to capitalize these costs for a number of years. Under new law, this may be changing.
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Which Comes First – Section 179 or Bonus
100% bonus deprecation sounds like a great deduction. However, it will sometimes create too much of a deduction. We can elect out of bonus deprecation and use Section 179 to get our income to the level we want. We show you how.