Inflation in agriculture is a big deal at the moment. The basic definition of inflation is “too much money chasing too few goods,” and that is exactly what is happening now. Over the past couple of years several factors have led to the circumstances we find ourselves...
The amount of money you pay the IRS is based on how much profit you’ve made that year. Before we begin any discussion on agriculture tax deductions, it’s important that we remind you: it is illegal to deduct any expenses that are not legitimate. Having said that,...
In our last blog post, How to Save on Your Farm Taxes by Knowing What Vehicles Are Eligible for Section 179, we talked about how Section 179 can save farmers a lot of money on their expensive equipment. Taking advantage of this part of the U.S. Tax Code can result in...
According to Statista.com, in 2020: There were over 2 million farms in the U.S.The agriculture industry employs more than 960,000 workers.The average farm size was over 400 acres.All together, these farms cover 896 million acres of the nation. Keeping these ag...
As we move into the last quarter of 2021, we wanted to give you some small business tax tips to help you close out your year successfully. In this post, we’ll focus on everything you need to know about employing family members and how that affects your taxes. Starting...
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