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Tax Season Reminders
December 06, 2018

As 2018 comes to a close, farmers and ranchers are gathering financials. As a result of new tax laws, there are several changes for the upcoming year. Renee Fink, AgCountry Farm Credit Services Vice President of Tax, says the most significant change for farmers is Section 199A. “That replaced the Domestic Production Activities Deduction, or DPAD,” says Fink. “It’s not just strictly 20 percent of farm income. It’s very dependent on the farmer’s specific situation.” Another tax change involves machinery trades. “Now we need to know more details because the trade allowance will now be reported as a sale on the tax return.” Fink also reminds farmers that Market Facilitation Program payments received in 2018 are not deferrable.

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Northarvest Bean Growers Association | 50072 East Lake Seven Road | Frazee, MN 56544
Ph: 218-334-6351 | Fax: 218-334-6360 | Email: nhbean@loretel.net