Small and large family run farms are getting creative in how they are choosing to increase revenue outside of the traditional sale of farm crops. With competition and commodity prices out of their control, they are turning to other means that include retail farm stands and agri-entertainment options such as hayrides, corn mazes and petting …
Continue reading Entity Separation Matters in Farm and Agriculture Diversification
One of the most hotly discussed parts of the Tax Cuts & Jobs Act (TCJA) is the Qualified Business Income Deduction (QBID), otherwise known as the Section 199A deduction. In general, the deduction provides certain pass-through businesses (sole proprietorships, partnerships, S Corporations) with the ability to deduct 20% of their qualified business income (QBI) on …
Many business owners get to the end of their careers and then start thinking about how they are going to transition to the next stage of their lives, but also monetize the business they have spent years creating. They often expect that money from the sale or transition of their business will help to fund …
Continue reading 5 Questions to Answer for Successful Ownership Transfer
Suffolk Cement Products has operated in the Long Island area for more than 80 years. The Lohr family passed the company down through three generations and witnessed many changes in the industry over the years. Today, Mark Lohr and Linda Hagen carry on the family legacy that began with their grandfather many years ago when …
Here are the most important tax credits to consider for your farm or ag-related business As Congress continues to debate federal tax reform legislation, New York State farmers and ag-related producers should be aware of state tax credits in 2017. These credits, designed for New York’s agricultural industry, can help producers further manage their tax …
Continue reading Keep these state farmer tax credits in mind
