Changes To Farmers Depreciation Deduction
Depreciation is an annual income tax deduction. It allows a taxpayer to recover the cost or other basis of certain property over the time that they use it. When figuring depreciation, taxpayers consider wear and tear, deterioration of the property, as well as whether it’s now obsolete. Key Updates: How Tax Law Changes Affect Farmers […]
IRS Tax Reform Effect on Farmers Ranchers
Many farmers and ranchers will benefit from tax law changes brought about by last year’s Tax Cuts and Jobs Act. Below are the key changes, along with details about how they will affect farmers and their bottom line: Net Operating Losses (NOLs) Qualified Business Income Deduction For tax years beginning after December 31, 2017, taxpayers […]