Tag Archive: "Tax Credits"
-
How a Tax Credit Works
A reader on the Agweb.com site left an interesting comment about my posting on the Ag Security Credit. His question was whether an income tax credit needs to be recorded as income in the year after you take the credit. The answer in almost all cases is no. If a farmer takes a business tax […]
-
Energy Credit Applies to Farmers Too
In preparing income tax returns this tax season, I am seeing a lot more of the non-business energy property credit being taken on taxpayers returns. This credit is for the installation of exterior doors and windows, insulation and related materials to make a home more energy efficient. The credit is allowed for 30% of the […]