Taxes
Importance of tax planning in low income years
If you are reading this, you probably know as well as I do that the trend in commodity prices has not been favorable to farmers over the last year or two. Margins for producers have become razor thin, and annual budgets do not paint as pretty of a picture as…
Washington estate taxes: The farm exemption
According to the most recent census from the U.S. Department of Agriculture, one-third of America’s 3.4 million farmers are over the age of 65. This statistic might not come as a surprise when you consider the demographics of your local farming neighborhood or perhaps even the age on your own…
Year-end tax planning: Finding the sweet spot
Which is a better problem to have: too much income or too little income? From a tax standpoint, the answer is typically neither. Farm income in our region certainly seems to be across the board this year. The U.S. Department of Agriculture’s Emergency Relief Program and Pandemic Assistance Revenue Program…
Social Security, Medicare: Tips for navigating the system
For anybody, including farmers, approaching the traditional retirement age, social security and Medicare begin looming large on the horizon. These large government programs can seem overwhelming and confusing to navigate, leaving one wondering where to start. “Navigating is an appropriate term as it can feel like you’re a bit lost…
Pain at the pump
Most Washingtonians are feeling some pain at the pump, but many growers are seeing red, as their on-farm fuel bills are costing thousands more than they should. The culprit is legislation, passed in 2021 and put into action in January 2023, that promised to exempt fuel used on the farm…
Tax changes are on the horizon
Another tax season is finished, and if there is a lesson to be learned, it’s that things never stay the same. There are some changes in the tax law coming over the next few years that will impact both agricultural producers’ farm business and personal tax returns. Some of these…
Tips to help farmers capitalize on tax rates
Last month, a small group of growers gathered in Walla Walla to get the latest information on taxes as part of the Agricultural Marketing and Management Organization’s 2023 schedule. The information was presented by Ryan Janke, a CPA with Leffel, Otis & Warwick, P.S. “From a tax standpoint, not a…
AMMO is coming to town
The Agricultural Marketing and Management Organization (AMMO) is back, with a 2023 calendar that includes seminars on herbicides, taxes and the markets. “We are excited to be fully back to in-person seminars this year. I think many people are tired of webinars and are looking for opportunities to get away…
The upside of paying taxes (you made money)
It is hard to remember the last time we had a “normal” year in farming. In fact, you talk with most folks out there, and no one can remember what a normal year even looks like anymore. This year proved that point with 10-year record high wheat prices, scarcity in…
Tax issues in a year of uncertainty
Benjamin Franklin famously stated, “Nothing in this world is certain except death and taxes.” The last two years could be summed up in many ways, but certainty is not one. Paycheck Protection Program loans, Employee Retention Credits and Farm Service Agency payments popped up seemingly overnight, sending producers and practitioners…
