Farm Business Tax Update Meetings
The Farm Business Management Program at the South Central College in Faribault will be holding two Tax Update Meetings on Tuesday December 11, 2018. The first will be at 1:00 pm and the second at 7:00 pm. Both will be in the Event Center on the Faribault Campus. "All are welcome, you, your spouse, your business partners, lenders, seed dealers, etc." Please RSVP to one of the Farm Business Instructors Mark Wehe, Eric Kinsley or Jeff Schultz by Monday December 10, 2018.
The New Tax Cuts and Jobs Act (TCJA) is the largest change to the Federal Tax Code since the 1980's. I have also heard that it does not conform well with Minnesota's Tax Code. Managing your income to limit Federal Taxes may not decrease your Minnesota Taxes. It sounds like it is job security for accountants that specialize in farm taxes! The section 199A (the 20 percent business deduction ) is probably the most significant and potentially confusing segment of the new tax code.
The "Boot Camp of 199A will give you an in depth and practical view on how the law works within your farm and give you an understanding regarding how to prepare your financial statements to effectively utilize this new deduction. "