Who pays tax on the $1 million of profit? The corporation does and currently at a maximum federal rate of 21%.
The days of 2021 are waning. Near the end of any given year, there are some actions that business owners – including farmers – need to consider.
The range and variation of income and farm size is wide, as evidenced by comparisons of farm income, farm size, and crop production in different states.
If a business sells and delivers equipment to you across a state line (and it doesn’t have nexus in your state), it is typically not required to collect sales tax.
Dairy cows and breeding cattle can be depreciated. Cattle that are just held for resale are not depreciated.
Americans in all lines of work have had to change what they’re doing in order to continue to do business.