If you are not tax nerds like us, you may not be aware of the June 21, 2018 U.S. Supreme Court decision on South Dakota v. Wayfair.  Basically, the U.S. Supreme Court struck down an old decision (U.S. Supreme Court’s 1992 decision in Quill Corp. v. North Dakota) that said that a state could not force an out of state seller … Read More

To avoid penalty for underpayment of taxes the IRS is urging taxpayers to check their withholding and make estimated tax payments.  According to the IRS nearly 10 million taxpayers faced a penalty for underpayment of estimated tax last year.  The IRS has a Withholding Calculator to assist you in determining how much  Federal Withholding to take out of your paycheck.  … Read More

Charitable Gifts of Grain If a farmer is charitably minded, he or she should consider making a donation of grain to their favorite church or charity. The tax advantages of donating commodities far outweigh those for a contribution of cash.  It could mean hundreds or thousands of dollars in tax savings. A cash donation is made from the sale proceeds … Read More

Unfortunately, the answer seems to be No starting January 1, 2018.  You likely have heard conflicting information on the deductibility of business meals with clients and prospects.  The 2017 Tax Cuts and Jobs Act repealed all the business meals deductibility provisions which were created under the Tax Reform Act of 1986.  The Tax Reform Act of 1986 requirements are listed below. … Read More

Big changes are going into effect in 2018… Thanks to the massive new tax legislation. This newsletter is devoted to the new law. Most individual tax provisions are temporary. They expire after 2025.   PERSONAL TAXES: Let’s start with individual taxes.  Standard deductions nearly double – to $24,000 for couples, $12,000 for singles and $18,000 for household heads.  Folks age … Read More