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Equipment Purchases, Interest and Taxes
As year end approaches, equipment purchases are on the minds of producers. Depreciation saves on taxes, but have you considered the other potential costs?
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NEW ERC Guidelines – Was Your Supply Chain Disrupted?
The IRS has issued additional guidance related to the Employer Retention Credit and those that qualify under the supply chain disruption provisions.
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Build It In America Act – Will Bonus Depreciation Be Extended?
A Bill that offers an extension of 100% bonus depreciation has made it through Committee. We discuss its benefits and its importance to the industry
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IRS Announces 2024 HSA Contribution Limit
The IRS has increased HSA limits for 2024. We discuss the advantages of these accounts.
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USDA Extends Deadline for Applications for PARP/ERP2
More time is now available to complete PARP and ERP2 applications. The USDA has extended the due date to July 14.
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What Do You Mean I’m Subject to IRMAA?
Medicare premiums are based on taxable income. If you’ve received a large adjustment in your premiums that resulted from a life change, make sure to consider appealing the adjustment.
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Managing Risk is About More Than Hedging and Insurance
Risk is everywhere. Have you considered the risks related to not having formal contracts and agreements in place for critical components to your operation?
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Don’t be Afraid of the Big Bad…Tax Notice
Tax notices can be intimidating. However, they are not always correct in their assumptions. Be careful to not overreact.
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What Do You Mean I Have to Pay Sales Tax?
Many producers believe they are exempt from sales tax on their farm-related purchases. Sales tax exemptions are complicated and apply only to specific items.
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Is Your State Tax Rebate Taxable?
Many states issued special tax refunds/rebates during 2022. We discuss whether these payments are considered taxable income.