This presentation will explore current federal tax planning & savings opportunities for potato farmers. We’ll cover current updates within the Big Beautiful Bill (BBB) that farmers need to understand. How farmers may utilize the BBB to save taxes now and in the future, and understand current areas of tax risk. Additionally, we’ll explore current case law and areas of focus of the IRS and have some fun with some more obscure planning concepts. Key focus areas: Depreciation, 199A, interest deduction limitations, estate/gift, trusts, self-employment tax strategies, net investment income tax, farm acquisition and disposition key matters, post year-end planning ideas, current tax structure discussion, tax credits, tax savings on exports, and more. A timely update on taxes right before farmer filing season!
Craig Anderson, CPA, Principal, Baker Tilly