Ask the Taxman

Some business owners have downsized their vehicles only to discover they can't fully depreciate/expense the purchase. Here are the rules under tax law for depreciating a vehicle used for business purposes.

A variety of tax credits are available to farmers under the new tax law, including credits for fuel, solar and geothermal systems, and hiring someone from a certain target group.

The new tax law eliminated a number of deductions for employees who work from home, and there are a number of ways employers can compensate for that loss.

The past year has been a wild ride from the tax perspective. Here are a few of the major takeaways.

By doubling the standard deduction in tax reform legislation, Congress made it tougher to benefit from charitable donations. However, commodity gifting as well as cash and stock donations still have their place in your tax plan.

It's almost time for employers to begin preparing year-end paperwork, and it's a good time to reconsider if your work should be categorized as an employee or independent contractor. The difference depends on three main variables: behavioral control, financial control and relationship.

Creating a succession plan and preparing for retirement not only helps farmers save on taxes, but it also sets their families up for success.

The IRS' guidance on Section 199A allows farming operations to aggregate land and operating business income, maximizing tax deductions while avoiding some self-employment tax. But for non-operating landlords, there are important factors to consider.

With new tax laws, rising interest rates and creative investment ideas, the use of charitable remainder trusts have become more attractive.

Knowing whether you meet the IRS' definition of a farmer could save you costly mistakes come tax time.

In the past, farmers accepted losses and even looked at them as opportunities. However, the new tax law changed how we look at farm losses.

Thinking about converting your farm to an S corporation? Here are some things to consider first.

Here are some the recent changes to Section 199A and how they will work if selling to a cooperative.

With the low commodity prices and tax law changes, farmers as well as lenders are asking whether to purchase or lease equipment.

The Tax Cuts and Jobs Act significantly changed how agribusiness looks at depreciation. Bonus deprecation was one of the few items in the new law that applies retroactively. Under the new law, annual depreciation limits on passenger autos also increase significantly.

The changes in the recent tax reform legislation regarding asset purchases and trade-ins are among the most significant for ag producers.

A Maryland farm family learned a harsh lesson on how a farmer can be defined differently for different provisions in tax court.

Here are some of the things to consider if you want to avoid tripping over the rules on what to do when donating assets to charity.

If you're conducting scientific testing on your livestock or seed production operation using a process of experimentation to develop new or improved performance or reliability, you might qualify for a research and development tax credit under Section 41 of the tax code.

Whether the Republicans can accomplish federal tax reform is still an open question. As the process plays out in Congress, DTN Tax Columnist Andy Biebl offers some points to consider if passage looks likely.