Many farmers think of crop insurance as only relevant for large row-crop growers. But if you’re a diversified farm, there are new options that are worth another look, particularly in light of recurring natural disasters that have been hitting the region.
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Tax Talks
Crop Insurance Tax Treatment Options for a Challenging Year
2023 has been a challenging year for farmers, and many may see payments from their crop insurance policies or federal crop disaster payments. This Tax Talks blog reminds producers that crop insurance proceeds and crop disaster payments must be reported as income.
August 29, 2023
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Tax Talks
Vermont Flood Victims Qualify for Federal and State Tax Relief
The recent Northeast flood events have been devastating for Farm Credit East customers and others in the affected areas, particularly those in Vermont. The IRS has released tax relief information for individuals, households and businesses. Following is federal tax relief guidance applicable to anyone located in a FEMA-declared disaster county along with state tax relief specific to those located in Vermont’s 14 hard-hit counties.
July 26, 2023
Tax Talks
Tax Legislation Update
The House Ways and Means Committee recently announced The American Families and Jobs Act, which includes three bills (H.R. 3936, H.R. 3937, and H.R. 3938) that could impact farmers.
July 06, 2023
Tax Talks
New York Farmers and Refundable Investment Tax Credit
The recently enacted New York State budget makes the Investment Tax Credit (ITC) fully refundable for eligible farmers who derive more than two-thirds of their gross income from farming. This provision will be in place through 2027 and will greatly benefit eligible farmers in New York State. Today’s post provides a high-level overview of the ITC.
May 29, 2023
Tax Talks
The Tax Code and Residual Soil Fertility
Recently, an old tax concept began to resurface. Farmers are asking whether they can write off residual fertilizer in the purchase of farmland. Most farmers realize, the purchase of farmland is nondeductible and thus finding deductions during the purchase of farmland can be beneficial to help cash flow the purchase.
May 01, 2023
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