When it comes time to file an annual tax return, too often ag producers face an unexpected tax bill that could have been alleviated — or at least anticipated — had appropriate planning taken place. Nick discusses why tax planning and it's timeliness are important in any business decision.
A previous Tax Talks post discussed how individuals can pass away with over $11.4 million worth of assets federally. The post also covered the benefits of passing assets through the estate process. This led some astute observers to ask about deathbed transfers, which is the topic of this post.
The IRS has provided guidance for taxpayers who wish to either make or revoke an election for bonus depreciation. This relief applies for property acquired after September 27, 2017, and placed in service for the tax year that includes September 28, 2017. The relief also applies to specified plants that are planted or grafted.