An accountant says overall, tax reform last year was good
for farmers.
Austin Burby with Clifton Larson Allen CPA’s says, “It delayed some things from a timing perspective and a filing perspective, and also just had a lot of new stuff that we all had to try to learn and figure out and see how it all played together.” Burby says overall, the reform was a net win. “With tax reform at 21% flat tax for C corps and you go, ‘That’s great for a lot of people but our farmers who are filing as C corps, that’s an effective tax increase, so that’s not as friendly but on the flip side,” he says, “You’ve got that 20% business income deduction and a lot more favorable depreciation rules.”
Burby tells Brownfield several bankers are getting pressure from their internal credit departments, so farmers might want to show more income on their taxes and pay a little more to satisfy some lenders.
Continue reading Accountant says overall, tax reform helped farmers at Brownfield Ag News.
