Tax Tips for Aspiring Home Farmers: Maximize Deductions
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Tax Tips for Aspiring Home Farmers: Maximize Deductions
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Tax prep season is in full force, and if you own a business (a farm, an LLC, etc), you should have your children as W2 employees. Hear me out, it took me a minute to wrap my mind around it too. BUT, my kids are with me almost every day on the farm. PLUS, they’re featured in almost all of my content here, which also generates income for me. In 2023, the maximum amount a minor can earn without paying income tax is $13,850. They DO have to receive a W2, and they DO have to file a tax return, but th
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Tax prep season is in full force, and if you own a business (a farm, an LLC, etc), you should have your children as W2 employees. Hear me out, it took me a minute to wrap my mind around it too. BUT, my kids are with me almost every day on the farm. PLUS, they’re featured in almost all of my content here, which also generates income for me. In 2023, the maximum amount a minor can earn without paying income tax is $13,850. They DO have to receive a W2, and they DO have to file a tax return, but th
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Most people don’t realize this… My farm is a legitimate business that legally reduces my personal taxable income by using legitimate farm expenses. And yes… it’s fully supported by the IRS Here’s how 👇 As long as the farm is operated with the intent to make a profit, all ordinary and necessary farm expenses reduce your taxable income. The IRS allows you to deduct the real costs of running a farm Examples 👇 ✅ Feed, seed, fertilizer ✅ Barns and fencing ✅ Tools, trailers, supplies ✅ Equipment and
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Most farmers don’t realize this… your LLC farm can legally offset your personal taxable income — and it’s 100% supported by IRS law. Here’s how 👇 🌾 When your farm is set up as an LLC, it’s a pass-through entity. Sorry, but just filing a Schedule F doesn’t cut it. 🛑 That means all income and expenses “pass through” your LLC to your personal return. So every legitimate farm expense reduces what you owe personally. ✅ Feed, seed, fencing, fertilizer ✅ Tractor payments, tack, trailers, tools ✅ Dep
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North Dakota Soybean Council on Instagram: "Tax rules change. Deadlines sneak up. Deductions matter. What’s new this year when it comes to farm income taxes? 🎙️ Ron Haugen, NDSU Farm Management Specialist, breaks down key tax updates and what’s different from last year in @ndsu_extension recent podcast episode. 🎧 Listen here: bit.ly/InThePodSoyUpdatesPodcast 📱 Or find it on your favorite podcast app Brought to you by the ND Soybean Council 🌱"
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