Year-round tax planning is important for everyone. Just because a taxpayer already filed their tax return doesn’t mean they don’t need to think about taxes for the rest of the year. In fact, what they do now may affect any tax they might owe next year. It could also affect the refund they expect. Since… Read More
Classification of Seasonal Farm workers – Does it Really Matter? Why yes it does for several reasons, as you will see in this article by Roger McEowen. Overview Especially with respect to fruit and vegetable crops, seasonal ag workers are vital – particularly during harvest. But is a seasonal ag worker an employee or an… Read More
New tax law change makes it even more important to revisit this question. The Tax Cut and Jobs Act (TCJA) no longer allows the deduction for the Miscellaneous Itemized deductions subject to 2% of adjusted gross income (AGI). This is where hobby expenses were allowed prior to 2018 as an itemized deduction, up to amount… Read More
What Happens When a Partner Dies? Are you in business with another person(s) and operate as a partnership entity? Some may simply start with a handshake and some have a partnership agreement in place before they begin, but did you stop to think about what happens if one of the partners die? This article explains… Read More
Just can’t state the importance of keeping your business usage of your vehicle in some form of a log. The IRS can disallow your deduction. Here is a Recent Tax Court Memo you may want to read that drives this point home. Reconstruction of these logs after IRS initiates an audit is insufficient. TC Memo… Read More
June 14th 2018 FBI is recommending that anyone that has a small business or home office router reboot it, due to threat of a cyber-attack. Please read the following attached Personal Service Announcement that was posted May 25th 2018. https://www.ic3.gov/media/2018/180525.aspx… Read More
We have the technical correction that we have been waiting for in regard to the Qualified Business Income Deduction (QBI). There is no longer the advantage for sellers to agricultural cooperatives over other independent companies that were not a cooperative. We must also remember that beginning in 2018 that the Domestic Production Activities Deduction has… Read More
Basic Principles In general, any expense associated with the business with a useful life of less than one year is deductible against gross income. Depreciation is required if an asset has a useful life of more than one year. Expenses are current costs, and any cost that produces a benefit lasting for more than one… Read More
Short answer “Yes”, in your best interest you may not want to. Choosing the correct wording and context may make all the difference in conveying your property in they way you intend it to be after your gone. Please read more from Roger A. McEowen’s February 16,2018 article below. http://lawprofessors.typepad.com/agriculturallaw/2018/02/why-clarity-in-willtrust-language-matters.html… Read More
If you are a Victim of one of these scams the Internal Revenue Service has issued a step-by-step explanation on what to do and avoid being scammed. https://www.irs.gov/newsroom/scam-alert-irs-urges-taxpayers-to-watch-out-for-erroneous-refunds-beware-of-fake-calls-to-return-money-to-a-collection-agency… Read More