Shawn Williamson
Do you have your farm set up in the right legal entity category?
Who pays tax on the $1 million of profit? The corporation does and currently at a maximum federal rate of 21%.
5 recommendations for year-end planning on the farm
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.
Farm data by state
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.
The ins and outs of sales tax on the farm
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.
Farmers, avoid these tax preparing mistakes this year
Dairy cows and breeding cattle can be depreciated. Cattle that are just held for resale are not depreciated.
Pandemic challenges food system to have emergency plans
Americans in all lines of work have had to change what they’re doing in order to continue to do business.