Agriculture is the backbone of America, and lawmakers recognize that farmers and ranchers are critical in providing the world with their crops and stock. Because of this, the Internal Revenue Code is full of provisions specific to the Ag industry, many of which offer opportunities unavailable to other industries. At Multistate Tax Resources, LLC, we understand how to take advantage of the tax code to benefit you and assist in helping production profitability.
Our CPAs are here to walk you through and help you understand the tax strategies that will help minimize your income tax liability, doing our part to keep your farm or ranch operating for generations to come. Among these provisions are:
- Farm Income Averaging
- Deferred Contract Payments
- Livestock Sold on Account of Weather Related Conditions
- Domestic Production Activities Deduction
- Fuel Excise Tax Credits
- Estate and Succession Planning
- Avoiding the “Hobby Farm” Trap
- Employment and Independent Contractor Issues