The Tax Cuts and Jobs Act will, for the most part, benefit American farmers. However, there are those who might not benefit as much as others.
According to an article from American Agriculturist, “Farm Credit East tax experts have reviewed the 2017 Tax Cuts and Jobs Act — the largest overhaul of the U.S. tax code in 30 years. “Overall, the new tax provisions will provide significant benefits to Northeast farmers,” says Dario Arezzo, Farm Credit East senior tax consultant. “However, certain provisions will unfortunately limit the value for some producers.”
The article discusses:
- Tax bracket changes
- Section 179
- Bonus depreciation
- Corporate tax rate
How will you respond to the recent tax changes? Are you aware of all of the new tax laws?
To read more, see the full article from American Agriculturist.