If you are not taking full advantage of the beneficial provisions the tax code provides, you may be overpaying your tax bill. Farm Credit East tax specialist Andrew Cerio gives readers examples of tax provisions that may be overlooked if a tax preparer isn’t well-versed in the business of agriculture.
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.
Now that the dust has settled on the 2018 tax season (for the most part!), it is time to continue fine-tuning tax strategies for Northeast agricultural producers. One of the easiest ways to maximize the 199A deduction is to ensure the farmland being utilized in the operation qualifies for the deduction.