There has been a lot of commotion in the gifting arena recently. Gifting is something to consider when moving farm assets from one generation to another. Particularly land if the intention is to keep it in the farming operation indefinitely. Timing may be of the essence when it comes to gifting decisions and getting [...]
The benefits of charitable contributions may be eliminated for some taxpayers. The Tax Cuts and Jobs Act (TCJA) doubled the standard deduction, meaning more taxpayers may find themselves in a better tax position by choosing the standard deduction over itemizing. Since charitable contributions are itemized, this is leaving many to wonder, “Will I still [...]
Keep it, sell it, or die with it may seem like strange choices, but with highly appreciated assets, those may be the very choices that need to be considered. Examples of highly appreciated assets include real estate and stock investments which have gone up significantly in value. Let’s look at an example. To Sell [...]
The Tax Cuts and Jobs Act has many business owners evaluating whether or not they have the right entity structure. The S corporation business structure offers many benefits, including limited liability for owners and no double taxation. But not all businesses are eligible - and, with the new 21% flat income tax rate that now [...]
It’s a mystery to many farmers why their tax return filing deadline is March 1, while the filing date for most taxpayers is in April. There are multiple date options when filing your farm returns. Susan K. Voss, CPA will explain the options, the benefits of each and will explain why filing by March 1, [...]
In continuation of our last article by Susan K. Voss, CPA, of our Agriculture Team, let’s review another new IRC code section 199A, created in the Tax Cuts and Jobs Act that will impact both the agricultural and commercial industries beginning January 1, 2018 and ending January 1, 2026. The following is [...]
It’s the time of year when we like to sit down with clients to project current year results and see how we can help them manage their tax liabilities and avoid surprises. Planning is important with the changes brought about by the Tax Cuts and Jobs Act. It’s not as simple as accelerating some expenses [...]
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method, which is simpler than the accrual method, available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of accounting under [...]
Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA, which is subject to income taxes on all earnings and deductible contributions, and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts [...]
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such strategies, Congress created the “kiddie” tax in 1986. Since then, this tax has gradually become more far-reaching. Now, under the Tax [...]
