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Full-Text Articles in Business
Net Farm Income Impacts Net Worth Growth, Glennis Mcclure
Net Farm Income Impacts Net Worth Growth, Glennis Mcclure
Center for Agricultural Profitability
The beginning of the year is busy for businesses in finalizing records and filing annual income taxes. Farm and ranch operations are no exception. Beyond the net income or loss showing on the farm’s Schedule F, analyzing the true picture of the operation’s net farm income, and earned net worth change for the year is important.
Preparing an income statement using accrual adjustments will tell us more about the operation’s profitability and performance beyond what income tax statements provide. The income statement tells the story of revenue, expenses, and depreciation between the beginning of year balance sheet and the end …
Nebraska Approves Pass-Through Entity Tax Bill, Tina N. Barrett
Nebraska Approves Pass-Through Entity Tax Bill, Tina N. Barrett
Center for Agricultural Profitability
In 2023, the Nebraska Legislature passed a bill that allows a partnership or S-Corp to elect to pay its state income taxes. Previously, because the income from the partnership or S-Corp is passed through to the owner, the owners of the entity paid the taxes at their own individual tax level.
In 2018, the federal government passed the Tax Cuts and Jobs Act (TCJA), which limited the itemized deduction for state and local taxes in the individual’s return to $10,000. This prompted many states to adopt laws like the new Nebraska law to work around this limitation. Federal tax law …