Ask the Taxman

It's been another year of extreme weather. The IRS has special provisions that relate to weather-related damages in agriculture.

In agriculture, it's assumed that anything farm-related will qualify for a farm sales tax exemption. Unfortunately, that isn't always the case.

Tax scams are commonplace now. To raise awareness, the IRS recently published its "dirty dozen" tax scams for 2023.

Exiting farming can involve many scenarios. If you farm as a sole proprietor, it's relatively easy. However, in many cases, family members farm together, which may add complexity (and taxes).

DTN Tax Columnist Rod Mauszycki explains residual soil fertility, why it has become popular and how it can affect your taxes and bottom line.

Be aware of the complex rules for depreciating farm business vehicles.

A cash balance plan can be a great tool for exit planning. But there can be some drawbacks.

When getting equipment, your choices are to purchase or lease. There are a few factors to consider when determining which is better financially and tax-wise.

DTN Tax Columnist Rod Mauszycki discusses a few tax issues that affect co-op patrons.

DTN Tax Columnist Rod Mauszycki looks at the pros and cons of using either or both Section 179 and bonus depreciation.

DTN Tax Columnist Rod Mauszycki reviews some of the provisions in President Joe Biden's 2023 Greenbook that affect agriculture.

DTN Tax Columnist Rod Mauszycki explains the differences between a farm partnership to an S Corporation.

With high commodity prices, farmers are looking to buy or sell land, gift land and enter into 1031 exchanges. However, there could be unexpected tax consequences as a result.

DTN Tax Columnist Rod Mauszycki reviews what a prepaid expense is, and how it might be limited or disallowed by the IRS.

There can be substantial tax issues if an employee is misclassified, so it's important to review what is an employee versus an independent contractor.

DTN Tax Columnist Rod Mauszycki says cybercrime in agribusiness is on the rise, and that crime has tax reporting implications.

DTN Tax Columnist Rod Mauszycki explains the numerous benefits of a Charitable Remainder Trust.

Farmers should talk to input suppliers about their plans to prepay for next year's inputs as soon as possible if they're relying on it as a tax strategy in 2021. Shortages are widespread and many suppliers are requiring farmers to take delivery to prevent issues down the road if supply...

Due to proposed tax changes by the Biden administration, staying as or switching to a C corporation might be the right call.

Because of the weather's significant impact on farmers this year, let's review a few planning opportunities to help mitigate the potential tax consequences.