American Farmland Owner’s Post

Welcomes deferral of Residential Zoned Land Tax. I welcome the deferral of the Residential Zoned Land Tax (RZLT) to allow amendments to be made to exempt functional farm holdings from the tax. “This is a matter I raised the then Taoiseach Leo Varadkar in the Dail and I received a commitment at that time that farmers whose land is used for farming purposes should not be liable for this tax. The deferral of the Residential Zoned Land Tax (RZLT) for twelve months is to allow for amendments to be made to protect farmers who are actively farming land in this. It is a sensible move by the Minister for Finance, and I welcome the fact that the commitment given to me in the Dáil is now being honoured and the Government are working on a system to exempt active farmland from the tax. The RZLT was set to take effect in February 2025, with a 3% tax applied to the land's market value. It was always deeply unfair to expect farmers to pay a 3% tax on land they are actively farming, especially when the land's value has been artificially inflated. It is also unjust to target farmers when there are plenty of derelict sites, unused properties, and land held for speculation purposes which should be taxed. It is a right for farmers who are committed to farming their land not to have an additional tax burden which would threaten the viability of their holding”. https://lnkd.in/emaXrE-N

CAUV increases in 2024 will impact farmland taxes in 2025 By Barry Ward, Leader, Production Business Management, The Ohio State University Writing this feels like déjà vu. It feels like we’ve lived through this before and for good reason. The article I wrote a year ago about significant increases in Current Ag Use Value of farmland can be repeated almost word for word. Again, large increases in the Current Ag Use Value (CAUV) of farmland in 2024 will result in higher property taxes for farmland owners in 2025. Of Ohio’s 88 counties, 24 will see property tax increases in 2025 due to higher CAUV. Several factors have led to this increase in ag use valuation. The average current ag use value is expected to be $1,616 per acre across all soil types (proposed final value). This compares to a value of $759 per acre in 2021 which represents an increase of 113%. The Current Agricultural Use Value (CAUV) Program is a differential real estate tax assessment program for owners of farmland.… Continue reading https://lnkd.in/gzQ-iawq

Maximise your farm's tax this year by knowing what to discuss with your tax advisor. While some of the relevant tax concessions listed here apply to business taxpayers generally, there are several tax concessions available only to farmers and agribusiness.

[Essential Tax Tips for New Farmers] Tax management is essential for new farmers to ensure financial success and compliance. By understanding and implementing tax strategies, . . . https://lnkd.in/drcdff3z

Another HMRC #OnetooMany campaign - persons of significant control - if you want to discuss or need help please contact us at Prime Accountants Group Some examples of the situations in which a PSC may receive income or benefits from a company for tax purposes. These include: -where the company pays the individual’s personal costs; -where the individual receives a loan from the company and does not repay it; and -where the individual uses the company’s assets free of charge. https://lnkd.in/e9T_9n8f #primeaccountantsgroup #primeaccountants #primewealth #primeforensic #primetax

Ag Industry is Pushing for a New Farm Bill When Congress returns from its August recess, farmers and ranchers across the nation are urging lawmakers to focus on needed tax reform. Many vital provisions in the 2017 Tax Cuts and Jobs Act are due to end at the close of next year.  American Farm Bureau Federation President Zippy Duvall says Congress must not lose sight of protecting those provisions. “Our family farms are already burdened by inflation, increased supply costs, and much, much more. These new tax burdens could put even more pressure on our farmers and ranchers and may even force them out of business. The Tax Cuts and Jobs Act passed in 2017 contains many temporary provisions that relieve some of the burdens faced by farmers and ranchers. Several of these provisions are set to expire at the end of next year, including a key estate tax exemption.” The estate tax provision is what enables farmers to transfer the operation to the next generation. When the new Congress is sworn in, that’s when Duvall and the Farm Bureau want them to focus on taxes. “They must address tax provisions that are going to expire at the end of 2025. It's important that we work with lawmakers now so that they understand how current tax provisions enables our farmers to remain in business and protect their farms, so that they can afford to pass them on to the next generation.” Duvall says farmers and ranchers need to make their voices heard on the urgency of this issue.

The recent Administrative Appeals Tribunal (AAT) decision, GQHC and Commissioner of Taxation (Taxation) [2024] AATA 409, has brought to the forefront the extent of the Commissioner of Taxation’s (the Commissioner) powers with respect to the application of the R&D Tax Incentive (RDTI) program in Australia. Learn more: https://lnkd.in/gTUzdyzq #TaxLaw #AATDecision #TaxIncentive #ATO

🌾 TAX PARTNER 𝗠𝘆𝘁𝗵𝗕𝘂𝘀𝘁𝗲𝗿𝘀 #𝟯: 𝗜𝘀 𝗔𝗴𝗿𝗶𝗰𝘂𝗹𝘁𝘂𝗿𝗮𝗹 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗿𝘂𝗹𝘆 𝗧𝗮𝘅-𝗙𝗿𝗲𝗲? 🌾 Recently, a client approached us at The TAX PARTNER with a common misconception. They earned ₹5 lakhs from agricultural activities and ₹10 lakhs from a salaried job and believed their agricultural income wouldn’t affect their taxes at all. 𝗔𝘀 𝗲𝘅𝗽𝗲𝗿𝘁𝘀 𝗶𝗻 𝘁𝗮𝘅 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲, 𝘄𝗲 𝗰𝗹𝗮𝗿𝗶𝗳𝗶𝗲𝗱 𝘁𝗵𝗲 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗯𝗲𝗵𝗶𝗻𝗱 𝘁𝗵𝗶𝘀 𝗺𝘆𝘁𝗵: ✨ 𝗧𝗵𝗲 𝗧𝗿𝘂𝘁𝗵 𝗔𝗯𝗼𝘂𝘁 𝗔𝗴𝗿𝗶𝗰𝘂𝗹𝘁𝘂𝗿𝗮𝗹 𝗜𝗻𝗰𝗼𝗺𝗲: While agricultural income is exempt from tax, it’s not entirely excluded when you have additional sources of income. The tax law uses a mechanism called aggregation, where agricultural income is added to other income to determine the applicable tax slab rate. 👉 𝗛𝗼𝘄 𝗜𝘁 𝗪𝗼𝗿𝗸𝘀: In this case, the client’s total income, including the ₹5 lakhs from agriculture, pushed them from the 20% tax slab to the 30% slab. While the agricultural income itself remained untaxed, their overall tax liability increased due to the higher rate applied to their salary. 🔍 𝗪𝗵𝗮𝘁 𝗪𝗲 𝗗𝗶𝗱: ➡️ Educated the client on the nuances of tax laws. ➡️ Helped them maintain proper documentation of their agricultural earnings. ➡️ Suggested strategic tax planning to minimize future liabilities. 𝗔𝘁 𝗧𝗵𝗲 TAX PARTNER, 𝘄𝗲 𝘀𝗽𝗲𝗰𝗶𝗮𝗹𝗶𝘇𝗲 𝗶𝗻 𝗯𝘂𝘀𝘁𝗶𝗻𝗴 𝗺𝘆𝘁𝗵𝘀, 𝘀𝗶𝗺𝗽𝗹𝗶𝗳𝘆𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗹𝗲𝘅𝗶𝘁𝗶𝗲𝘀, 𝗮𝗻𝗱 𝗲𝗻𝘀𝘂𝗿𝗶𝗻𝗴 𝗼𝘂𝗿 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝘀𝘁𝗮𝘆 𝗰𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗳𝗼𝗿𝗺𝗲𝗱. 🌟 𝗬𝗼𝘂𝗿 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆: Agricultural income is tax-free in isolation, but it can indirectly increase your tax burden if you have other income sources. Proper guidance can make all the difference! 𝗡𝗲𝗲𝗱 𝗰𝗹𝗮𝗿𝗶𝘁𝘆 𝗼𝗻 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅 𝗼𝗯𝗹𝗶𝗴𝗮𝘁𝗶𝗼𝗻𝘀? 𝗥𝗲𝗮𝗰𝗵 𝗼𝘂𝘁 𝘁𝗼 𝘂𝘀 𝘁𝗼𝗱𝗮𝘆. 🌐 #TaxPartnerInsights #TaxMythsBusted #AgriculturalIncome #StayCompliant

The Tax Cuts and Jobs Act provisions are set to sunset at the end of calendar year 2025. Those involved in the Farming and Agribusiness industries may want to take note and adjust their business and estate plans accordingly - People who may need to make estate planning changes before potential tax changes are enacted include: 1.) Individuals with estates above $6.8 million and married couples with estates above $13.6 million, each of whom will be affected by the decrease in exemption. 2.) Owners of farm businesses or other closely held agribusinesses who want children and grandchildren to continue to own the business. The estate, gift and generation tax exemptions change is on the horizon: Currently the lifetime gift and estate tax exemption is $13.61 million. However, the current gift and estate tax exemption amounts are currently slated to be cut in half at the end of 2025. This means clients have less than two years to decide how to plan for and take advantage of their unused, higher exemption amounts before they disappear. It is time to discuss your options, make plans and act while you still can. Article also addresses the sunsetting of many of the income tax provisions will affect those in the farming and agribusiness industries. If this is a topic of concern for your client(s), please do not hesitate to contact our team to explore options. #premiumfunding #lifeinsurance #estatetax #taxplanning #premiumfinance #wealthpreservation #estateplan

Tax Is Greener on the Other Side The state of Alabama provides that for the period from October 1, 2024 through September 30, 2029, up to $25,000 of the gross proceeds from a sale of fencing materials used for the purpose of fencing in agriculture livestock is exempt from the state sales and use tax. The exemption will not apply to county or municipal sales and use tax unless approved by a resolution or ordinance adopted by the local governing body. State specific taxes can be complex and difficult to interpret. Allyn Tax acts as an extension of your team to help your business minimize liabilities, mitigate costs, maintain compliance, and maximize tax savings. If you need additional guidance on how to approach analyzing, reporting, and remittance of tax, ask an expert here: https://lnkd.in/eMTnUw3y