On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act, resulting in widespread changes to the Internal Revenue Code effective January 1, 2018. Several of these changes specifically affect farmers, and are important items to consider when planning for the 2018 tax year. A couple changes may also affect the 2017 tax year.
Please click on the following link to review a comparison of key tax provisions for the prior year and under the new tax law, additional tax planning strategies to consider, and a summary of the revised ordinary income tax rates.
Tax Reform Considerations for Farmers
Now is the time to begin planning ahead for the changes brought by the new tax reform bill. For more assistance, or to discuss questions you may have related to these or other issues, please contact any one of our trusted advisors. We’re here to help you make the most of your tax planning strategies and position you for a successful 2018 and beyond.