taxes

The Washington Farm Bureau’s Mike La Plant says one of the best parts of 2019 from an Ag perspective is, the year is almost over.   The WFB President said this has been a challenging year for growers across the state.  He said weather was very challenging with the February blast of winter east of the Cascades, to dry conditions across western Washington throughout much of the year, and a cold wet

The White House and Congressional Republicans are in early talks on a new tax cut and growth package ahead of the 2020 election.  According to the Washington Post, the discussions are “preliminary,” and probably more about next year’s election than actual legislating.  However, top Ways an...

Farmers may face some unique income tax considerations for 2019, thanks primarily to unique income sources such as Market Facilitation Program payments intended to help during this trade war.  Barry Ward of Ohio State University Extension said when looking at the USDA's trade mitigation package there's still a lot that's not known regarding how to claim that taxable income based on the payment set

If she had one word to describe the 2019 Washington legislative session, the Washington Policy Center’s Pam Lewison would use the word: brutal.   She said lawmakers this go around appeared to have a very negative attitude towards farmers and the Ag industry in Washington.  Lewison ...

On Monday, the Oregon legislature approved a Gross Receipts Tax which members of the Ag community say will hurt the industry across the state.  The bill, which now heads to Governor Kate Brown, among other things issues a tax on gross revenue.  Je...

Congressional Democrats have proposed increases in some taxes, some of special concern for agriculture.  USDA estimates the Tax Cuts and Jobs Act passed just over a year ago, will reduce taxes for producers by 3.3%.  So, American Farm Bureau tax adviser Pat Wolff said House and Senate proposals by Democrats to raise marginal, capital gains, and estate taxes, will have the opposite effect.   “... R

During this tax season very few, if any, farms or small businesses will be subject to federal estate taxes.  Traditionally death and taxes have been linked together in the form of estate taxes.  When President Trump signed tax reform in late 2017 he said the legislation make the vast majority of family farms and small business exempt from estate tax.   ...

Companies targeted by Senator Bernie Sanders earlier this week are firing back, calling his statements inaccurate in his accusations over food stamps.  Sanders plans to introduce legislation that would require large companies, specifically, Amazon, Walmart, and others, to pay a 100% tax on government benefits to their employees, including SNAP, a significant portion of the farm bill.   ... Read Mo

The new tax law still has estate taxes, but very few people will ever have to worry about that. "Makes the vast majority of family farms and small businesses exempt from the estate tax," said President Donald Trump.   Iowa State University Tax expert Kristine Tidgren said under the old law it was a pretty small percentage of people who paid any estate tax, farmers could own property wort

The new tax law will not impact how we fill out this year's returns but next year there will be big differences, as far as keeping track of deductions.  Kristine Tidgren is an Ohio State University Tax expert says many of the deductions we have taken in the past will be there, but we will probably not use them because the new law doubles the standard deduction.  ...