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, we’ve spent the past 40+ years helping clients who run ag operations keep as much of their hard-earned money as possible through the use of valid tax deductions. We believe that you shouldn’t make the mistake of overstating your profits, and you shouldn’t send the IRS any more money than what you rightfully owe.
(That’s one reason we put together another blog post recently: “How to Save On Your Farm Taxes By Knowing What Vehicles are Eligible for Section 179”. If you’ve got cars, trucks, and tractors moving around on your farm, it’s definitely worth a read!)
To help you further know what kinds of deductions your agriculture business can take advantage of, we thought we’d briefly run through a list that the IRS put together. These items are covered in detail in IRS Publication 225, The Farmer’s Tax Guide.
It’s an extremely long document that could seem a little overwhelming! But since taxes are what we do all day, every day, we’ve read it carefully and are ready to help you save as much money as possible. Once you’ve looked over this list, you might be surprised at how many tax deductions you have lying around already!
The following items are a few of the things that cannot be used as deductions on your taxes:
As a hardworking farmer who simply wants to pay your taxes while taking advantage of every possible deduction you’re entitled to, you deserve to be able to keep as much of your money as possible. The work you do feeds our community and the nation, and the more money that you’re able to put back into your agricultural business the better off we all are.
To make sure you’re not missing out on valuable agriculture tax deductions, give us a call at (731) 668-4482 or schedule a call with one of our tax professionals today.
We have over 40 years of experience helping farmers with their taxes, and we’d love to show you what we can do for you!
Most of us know someone who has been involved in martial arts even if it is just a relative or the kid of a neighbor or coworker. Those who put in enough time and effort are rewarded by advancing through a system of “belts”, ranked by different colors. Everyone.
We all know that you pay taxes on the money you make during the year. We also know that one of the nice things about our current tax code is that business owners are able to deduct expenses from those taxes in order to reduce their overall tax bill. Farms are.
Do you know the minimum acreage for farm tax purposes? Or what it takes to really be considered a “farm” in the eyes of the government? If you’re not sure, this post is for you. Minimum Acreage For Farm Tax Purposes We recently did a post on “How to Qualify for Farm.
A good nonprofit chart of accounts can help you avoid a lot of confusion and misunderstandings when it comes to keeping up with all of your important financial information. As the director of a nonprofit (or other high-level leader), you regularly provide your board.
Most of us know someone who has been involved in martial arts even if it is just a relative or the kid of a neighbor or coworker. Those who put in enough time and effort are rewarded by advancing through a system of “belts”, ranked by different colors. Everyone.
John Dewey once said, “We do not learn from experience…we learn from reflecting on experience.” That is true in life as well as in your business. If you simply work as hard as you can day after day, head down, making sales, and serving customers with excellence, you.
It’s hard enough to run a successful small business these days without having to worry about taxes too. We’re going to go out on a limb here and guess that you got into business to sell the products or services that you’re really good at…not spend all your time trying.
Nonprofits exist to make positive improvements in their community (or however far their impact reaches). They meet needs and raise awareness of issues in our world in ways that lone individuals usually cannot. And they are an incredibly valuable part of our society.