Ask the Taxman

All Column Articles

  • Keep an eye on how new tax laws might affect your farming operation. (Getty Images)
    by Rod Mauszycki , DTN Tax Columnist

    Looking ahead to 2020, IRS guidance is anticipated on several issues of importance to agricultural businesses.

  • On June 18, the Treasury Department released additional guidance for Section 199A that deals with patrons selling commodities to cooperatives. (DTN file photo)
    by Rod Mauszycki , DTN Tax Columnist

    DTN Tax Columnist Rod Mauszycki explains regulations the Treasury Department recently proposed for Section 199A that deals with patrons selling commodities to cooperatives and how Specified Cooperatives should calculate and pass through the 199A(g...

  • If high rent/poor yields or too much equipment is dragging down the rest of the farm, maybe now is the time to clean house, advises DTN Tax Columnist Rod Mauszycki. (DTN/Progressive Farmer file photo by Jim Patrico)
    by Rod Mauszycki , DTN Tax Columnist

    With farm income projected to be 45% lower in 2019 than its peak in 2013, have you lowered your business and personal expenses by 45%?

  • A vehicle must be used 50% or more in a qualified business in order to deduct part of the vehicle purchase price from taxes. (Photo by Getty Images/iStockphoto)
    by Rod Mauszycki , DTN Tax Columnist

    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.

  • Employees that work from home lose certain deductions this year, but in a majority of cases, the increased standard deduction and lower rates more than make up for the difference. (DTN File Photo)
    by Rod Mauszycki , DTN Tax Columnist

    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.

  • You can still claim a tax benefit from gifting commodities to a charity even if the value doesn't exceed the standard deduction. (DTN File Photo)

    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.

  • Employers use different tax forms to pay different types of workers. A 1099 is used for independent contractors, while a 943/W-2 is used for employees. (DTN photo illustration by Nick Scalise)

    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...

  • As harvest presses on, and the year comes to close, many farmers turn their thoughts to the future and whether it's time to retire. While federal estate tax laws have changed, there are still many reasons to assemble a succession plan. (DTN Photo by Jim Patrico)

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

  • Proposed rules on Section 199A offer farmers a way to maximize tax deductions while avoiding some self-employment tax. But for non-operating landowners, there are important factors to consider. (Progressive Farmer photo by Tom Gralish)

    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 the depressed market for equipment, many people are exploring leasing machinery. However, the new tax law puts a wrinkle into leasing equipment. (DTN photo by Elaine Shein)

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