January 27, 2025

Already have an account?
Tax season: the time of the year where the paperwork may be piling up on the kitchen table as farmers prepare to meet with accountants. Farm Progress editors have gathered these stories to give you some tips on preparing for them and ways to cut your tax bill.
When it comes to selling equipment, every farmers should have a management plan. The story, Tax management strategies for selling equipment, explains why. "Like a sale of land, the tax basis of the equipment to be sold can be impactful. If those items have been fully depreciated using Section 179 or bonus depreciation, the tax basis may be low or nonexistent."
And in the story, "Valuable tax credits, deductions in 2024", farmers can take advantage of the tax credits offered. Mengya Wang, Oklahoma State University Extension personal finance specialist, gives some tips.
“Tax laws can be intimidating and difficult to understand. Fortunately, consumers don’t have to understand all of the tax laws, only what applies to their situation,” Wang said. “Also, taxpayers need to determine if they should take the standard deduction or if they qualify to itemize their return. The standard deduction is a specific dollar amount that reduces the amount of taxable income. If the allowable itemized deductions total is more than the standard deduction, taxpayers are eligible to itemize for greater benefit.”
From estate planning and crop insurance to equipment purchases and finance management, these stories offer insight and ideas to keep your farm taxes in check and prepare you for what to keep an eye on during the year.
About the Author
You May Also Like