Results for pages tagged with "taxes"
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Some pecan producers have asked whether you can deduct a loss for ice-damaged trees on your tax return. First, you need to determine whether the trees have a tax basis.
Most of our nation's agricultural producers have experienced significant volatility both in the prices they receive for the commodities they produce and in the prices they pay for inputs.
For the past couple of years, landowners in the state of Texas have had the opportunity to claim a wildlife tax exemption on their property. Property owners have been provided this opportunity due in part to the booming wildlife recreation industry in Texas. At this time Oklahomans do not have this tax option. Maybe a look across the river will stir interest.
U.S. Secretary of Agriculture Mike Johanns has acknowledged these extremes - effective July 27, 2006, all 77 counties in Oklahoma were designated as natural disaster areas. In addition, several counties in Texas have received the same designation. What does this mean to a cattle producer living in one of these counties?
What does it take to determine if a ranch or farm is making money? Each farm or ranch has its own set of specific circumstances and reasons for being in the business.
When a vehicle is used in a trade or business, the expenses to own and operate the vehicle are deductible in most situations. It is common, however, for vehicles to be driven for both business and personal use. In this case, the business owner must divide these expenses, usually by miles driven for each purpose.
When you use a car or truck in your business, whether it is production agriculture or selling and installing air conditioners, what options do you have to deduct the costs incurred in owning and operating the vehicle?
Income tax is a topic that is perhaps fresh on everyone's mind during this time of year. Few people, if any, look forward to the process of getting information together and the trip to the tax preparer.
Many agricultural operations fail to determine if they are making a profit. Some think that spending money to create taxable losses to offset non-farm income is a good idea.
The amount of land managed for wildlife in Texas has exploded in the past 20 years and is increasing in other states across the country as well. For many farms and ranches in Texas, it's a wildlife enterprise that allows the family to remain in agriculture.