Tax Guide for Farmers – Not-for-Profit Farming
The Internal Revenue Code contains the laws that govern federal income tax reporting. The Code includes a section of requirements for farming businesses and the related income and expenses. The section...
View ArticleTax Guide for Farmers – Soil and Water Conservation Expenses, Part 1
The Internal Revenue Code is made up of the laws that guide preparation and filing of federal income taxes. The Code includes sections on a wide variety of topics, some of which pertain to the business...
View ArticleTax Guide for Farmers – Soil and Water Conservation Expenses, Part 3
The Internal Revenue Code is made up of the laws that guide preparation and filing of federal income taxes. The Code includes sections on a wide variety of topics, some of which pertain to the business...
View ArticleTax Guide for Farmers – Basis of Assets, Part 1: Cost Basis
The Internal Revenue Code contains the laws used to determine how income and expenses are reported when filing federal income taxes. The Code and supporting court decisions are comprehensive in...
View ArticleTax Guide for Farmers – Basis of Assets, Part 2: Allocating Basis
The Internal Revenue Code provides the laws used in calculating the income and expenses reported when filing federal income tax returns. The Code and supporting court decisions based on the Code are...
View ArticleTax Guide for Farmers – Basis of Assets, Part 3: Adjusted Basis
In the Internal Revenue Code concerning farmers, there is a section on the basis of assets. The purpose of this series of articles is to provide an overview of the rules concerning the basis of assets....
View ArticleTax Guide for Farmers – Basis of Assets, Part 4: Basis Other than Cost
In the Internal Revenue Code concerning farmers, there is a section on the basis of assets. The purpose of this series of articles is to provide an overview of the rules concerning the basis of assets....
View ArticleTax Guide for Farmers – Basis of Assets, Part 5: Property as a Gift, Transfer...
In the Internal Revenue Code concerning farmers, there is a section on the basis of assets. The purpose of this series of articles is to provide an overview of the rules concerning the basis of assets....
View ArticleTax Guide for Farmers – Depreciation, Part 1
The Internal Revenue Code has specific sections concerning farmers and tax implications of a farming business. One such section addresses the depreciation of assets, which is the focus of this article....
View ArticleTax Guide for Farmers – Depreciation, Part 2
The Internal Revenue Code has specific sections concerning farmers and tax implications of a farming business. One such section addresses the depreciation of assets. This is the second article on...
View ArticleTax Guide for Farmers – Section 179 Expense Deduction, Part 1
For certain property, farmers can choose to recover some or all the cost of the asset up to a certain limit in the year the property is placed into service. This election is known as a section 179...
View ArticleTax Guide for Farmers – Section 179 Expense Deduction, Part 2
In the year the property is placed into service, farmers can choose to recover some or all the cost of certain property up to a defined limit. This election is known as a section 179 expense deduction....
View ArticleIRS Announces “Dirty Dozen” Tax Scams for 2017
The Internal Revenue Service has revealed its list for 2017 of what it dubs the “dirty dozen” tax scams. This is a list of the most common fraudulent tax scams carried out against taxpayers. Although...
View ArticleTax Exclusions under Wrongful Incarceration Exclusion, Part 1
When a person is wrongfully incarcerated, it is common for them to receive financial compensation in the form of civil damages, restitution, or other monetary awards. As a result of the Protecting...
View ArticleTax Exclusions under Wrongful Incarceration Exclusion, Part 2
When a person is wrongfully incarcerated, it is common for them to receive financial compensation in the form of civil damages, restitution, or other monetary awards. As a result of the Protecting...
View ArticleAvoiding Common Tax-Filing Mistakes
Every year, millions of people wait until the last few days ahead of the tax-filing deadline (which is April 18 this year) to file their tax return. Although they can file for an extension to get more...
View ArticleAutomatic Filing Extension for Some Taxpayers
The tax-filing deadline for most people in 2017 is April 18. Although anyone can file for an extension, the Internal Revenue Service grants certain taxpayers in special situations an automatic...
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