Tag Archives: taxes

Expiring estate tax exemption: What farmers need to know

From agweb.com The sunset of the Trump Tax Cuts is around the corner and might be here before farmers are ready for it. The current lifetime estate and gift tax exemption is $13.61 million but will be cut in half beginning in 2026. This means most farmers have about 18 months to make some major estate decisions. See the rest ... Read More »

Washington lawmakers to refund some cap-and-trade taxes to farmers

From the Capital Press The Senate and House finalized a spending plan Wednesday that includes $30 million to partially reimburse farmers and truckers who paid cap-and-trade taxes on fuel used to grow and transport farm goods. The budget, which the Legislature was set to adopt Thursday and then adjourn for the year, directs the Department of Licensing to begin issuing ... Read More »

Climate Commitment Act impact: $30 million refunds fall short of farmers’ $150 estimate

From the Columbia Basin Herald Budget writers in both the Senate and House have suggested allocating $30 million for refunding farmers impacted by the Climate Commitment Act. With the climate program, fuel used for agricultural purposes was supposed to be exempt. According to farmers and truckers in Eastern Washington, that proposal refund falls short. Read the rest of the article here. Read More »

Washington Farm Bureau: Cap-and-trade costs farmers over $153 million

From the Capital Press The Washington Farm Bureau estimates farmers have paid at least $153 million and likely far more this year in cap-and-trade fees, even though lawmakers intended to exempt agriculture from the tax on fossil fuels. Read the rest of the article here. Read More »

IRA 2022: What it means for farmers

From Paul Neiffer, Farm CPA Today Now that President Biden has signed the Inflation Reduction Act of 2022, we can now dig into the details of the bill and how it might affect farmers. Read the rest of the article here. Read More »

Court hears farmers’ suit against Washington tax

From the Capital Press A lawyer for Washington farm groups disputed Friday that the state’s new capital gains tax will pinch only the very rich, telling a Central Washington judge that the pending tax already is influencing business decisions by farmers. Although the tax exempts income from selling livestock or farmland, it will tax capital gains from selling business partnerships ... Read More »

Will you be able to deduct prepaid farm expenses?

By Paul Neiffer From agweb.com Many farmers will purchase farm inputs such as fertilizer, chemicals, seed, etc. before the end of the year even though the dealer has not delivered these products to the farmer.  We call these items prepaid farm expenses. Read the rest of the article here. Read More »

NAWG responds to Ways and Means Committee advancing reconciliation tax changes

From the National Association of Wheat Growers Yesterday, the House Ways and Means Committees advanced its contributions to the proposed $3.5 trillion budget reconciliation package, which included provisions to offset components of the bill. The National Association of Wheat Growers (NAWG) is glad to see that proposals to tax capital gains at death were not included in the committee advanced ... Read More »

Judge: Washington Farm Bureau can sue to stop capital gains tax

From the Capital Press The Washington Farm Bureau can challenge the state’s capital gains tax before it takes effect, rather than wait for farmers to be taxed, Douglas County Superior Court Judge Brian Huber has ruled. Read the rest of the article here. Read More »

Washington AG: Farmers can’t contest capital gains tax until they pay it

From the Capital Press Washington state attorneys sought Wednesday to scuttle a lawsuit filed by farmers and others against the state’s new capital gains tax, arguing no one can challenge it until they pay it. Farmers are only speculating that beginning next year they will owe the 7% tax on capital gains over $250,000, Solicitor General Noah Purcell told a ... Read More »