Tuesday, November 25, 2014

Ranches for Sale: Navigating the Complex World of Farm Income Taxes

Farmers, like any other business owner, make money. So like any business owner, they are required to pay income taxes. Understanding the basic concepts behind federal income tax laws is crucial for farmers because the amount of taxes he can owe often affects the benefits he receives from his property. Basic income tax knowledge is imperative What expenses are deductible from farm income? How much will you owe in taxes if you sell some of your cattle? How will adding to your farm staff affect the amount of taxes you pay? As a potential purchaser of ranches for sale, you need to know the answers to these questions. Consulting with an accountant, a bookkeeper, and/or a ranch broker will equip you with the insight and understanding you need to appropriately evaluate the impacts of your income tax liability decisions.


Post a Comment