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, and deterioration of the property, as well as whether it’s now obsolete. Here is information about how the tax […]
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. Here are some of those changes along with details about how they will affect farmers and their bottom line: Net Operating Losses: Qualified Business Income Deduction: Accounting method changes: IRS Tax Reform on Farmers Ranchers