Tax Topics

Essentially all farmers, ranchers, and other agricultural producers must file a federal tax return and pay federal income and/or self-employment taxes on their net profit.

This publication will break down federal estate and gift taxation into its basic components, which will include estate taxes, gift taxes, lifetime exclusions, annual exclusions, and portability of the deceased spouse’s unused estate tax exclusion.

Form 1099 is used to report various forms of income other than wages, salaries, and tips to the Internal Revenue Service (IRS) and to the recipient of the payment. Agricultural producers may both receive Form 1099 information returns and be required to is...

The Inflation Reduction Act of 2022 was signed by the President in August. The act, through Section 22008, repealed the Farm Loan Assistance Section 1005 of the American Rescue Plan of 2021 (ARP). Section 1005 of ARP was replaced with Section 22006, Farm ...

Most taxpayers working for an employer have FICA and Medicare withheld from their wages. The amount withheld is matched by their employer. Consequently, they will receive retirement and medical benefits when they reach retirement age.

The hobby loss rules which determine whether a venture is a business or a hobby, is a frequently misunderstood area of tax law that causes producers who are experiencing difficult economic times to worry, perhaps unnecessarily, that the venture will be vi...

A self-employed individual must pay self-employment (SE) tax on earned income to be entitled to receive social security benefits. These benefits include retirement, disability, and survivor benefits as well as Medicare coverage, all of which are important...

Choosing the right accountant or tax return preparer can be a crucial decision for farmers, ranchers and forest landowners. Part of this important decision is based on personality, but there are some key questions that should be asked of potential (and ma...

If I promised you $1,000 today or offered to give you $1,250 in five years, would you wait? What factors are important as you decide whether to take money today or wait? How would you decide whether taking a costly action today was going to be worth it in...

Meeting the qualifications of farming and being a farmer under the Internal Revenue Code (IRC) allows for special benefits; however, not all agricultural producers meet these qualifications even if they are producing agricultural products, which is why it...

There are two provisions in tax law that attempt to cushion producers from the consequences of adverse weather-related livestock sales.

The dollar value of property losses due to fires, floods, tornadoes, earthquakes, lightning, freezes, etc. can be substantial. Federal income tax regulations often provide relief by allowing deductions for losses of business-use property.