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US Farmers Welcome New Tax Reforms

by Mike Godfrey, Tax-News.com, Washington

09 January 2018


The American Farm Bureau Federation has acknowledged that the latest tax reform bill has provided a number of benefits to US farmers, in comments alongside those of President Donald Trump on the impact of the Tax Cuts and Jobs Act.

AFBF tax specialist Pat Wolff said at the American Farm Bureau Federation's 99th Annual Convention, at which Trump is speaking: "Tax rates are going down. So, that's good for big, small, all kind of farmers. The estate tax exemption is up. There are very few farmers who will have to worry about estate taxes going down the road. And, there's lots of good things in here for farm management: increased expensing, cash accounting, the deduction for interest."

"It won't impact the tax returns that are being filled out right now, but it will be in full force for 2018. That means some planning is needed and farmers and ranchers should be talking with their accountants to figure out the best way to make the new provisions work for them."

Ahead of an address by Trump, the Senate Finance Committee on January 8 outlined the specific provisions in the Tax Cuts and Jobs Act that will benefit farmers. These include lower rates for individuals (94 percent of farmers pay tax as individuals), increased cash flow flexibility, relief for small business pass-throughs (most farms and ranches are pass-throughs and the new system accommodates the special features of agricultural taxation, including cooperatives), relief from estate tax, and protection for agricultural organizations' ability to raise funds for operations.

TAGS: individuals | Finance | tax | small business | business | interest | accounting | United States | Tax

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