Tax Reform: Changes for Farmers in 2018
- The Tax Cuts and Jobs Act changes things for all taxpayers, including farmers.
- Farmers may want to consult their tax professional to determine how best to take advantage of new rules around:
- Income averaging
- Accounting methods and capitalization
- Treatment of inventory
- Deductions (including depreciation)
Each farmer’s circumstances are unique. Depending on those circumstances, changes to tax law under the TCJA may have significant effects.
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