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It’s no secret that there was still 2023 crop on-farm at the end of July. Some of that old crop won’t have moved even as the calendar flips to September. I’m not sure that this is uncommon during cycles where the market is in decline over an extended period. For three years prior, the best. Read More
Lower agricultural commodity prices are contributing to a decline in net farm income in 2024. This, combined with higher input costs, fewer government payments, and rising interest rates, is leading to a drop in net farm income. In 2024, net farm income is predicted to follow a similar pattern of decline. per bushel in 2023/24.
Besides doing something good from a charitable perspective there were several overall benefits of this plan: * Client actually gets to use his charitable deduction this year *Client has a large deferred grain carryover, putting him in the 37% tax bracket. The fund does not designate a specific charity for donations.
net investment income tax to all business income including self-rents paid by farm operations to its owners with income over $400,000+. Continue to make the excess business loss limitation rules permanent and change the carryover to be part of the excess business loss for the following year. Continue to apply the 3.8%
On the gate hangs an 18-inch-long pallet board with the words “Mad Farm” painted in green. Though I will invite a similar community on the farm next year, and they will be cousins of these plants, these will have passed once again into the soil, their essence to arise in next year’s tomatoes.
As farmers approach retirement their two biggest concerns are generally equipment sales and carryover grain. The mass sale of the farmer’s equipment line has become a hot topic again as of late.
If enacted with no graduated rates, this would result in an overall 87% tax increase for many farm corporations from the old 15% rate on the first $50,000 of taxable income to 28%. The proposal indicates that any assets inherited by a spouse will get a carryover basis, thus no step-up. This would be very helpful to many farm families.
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