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David Sparks Ph.d Ag Tax Codes
by David Sparks Ph.d, click here for bio

Program: Line on Agriculture
Date: January 18, 2019

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Tax code changes by Congress and the Trump administration mean changes for farmers and ranchers at tax time. Jordan Dux, Director of National Affairs for Nebraska Farm Bureau, says the changes start with lower tax rates. “A lot of the focus as it relates to the new tax law was about lowering tax rates. Corporate tax rate was a big one and was probably task number one when they started this conversation. The second part was what it meant for individuals and Republicans in control of the house, the whole idea was to lower tax rates for individuals and also make the tax code simpler.”

Farm Bureau has released a set of what they call five opportunities for farmers and ranchers to help them navigate the tax code. “It is important for folks to talk to their tax accountant before we get into any of these conversations as to how this tax law affects them. So make sure folks do that. Take a look at the individual tax rates across the board. If you are a pass through entity, and S Corp, a sole proprietorship or a partnership, there are some changes in there that allow you to make an initial deduction before your income is subject to the individual tax rate. The vast majority of farmers and ranchers are going to be organized there. On the pass-through side, that’s important to remember.

 

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