Beginning Farmer Tax Credit

Have you ever heard of the Beginning Farmer Tax Credit? Maybe you didn’t think you qualified or you thought it looked like too much work. The Beginning Farmer Tax Credit is designed to secure leased land and to help young farmers get lower rent rates and in return the landowner gets a tax benefit on… Read More

Paying Farm Kids for Farm Work, Part III

Farm children of any age working in mom or dad’s farm operation provide more tax opportunities for farmers. Farmers can pay reasonable wages in the form of commodities to their children (for farm work) and reap family tax savings. Children can be paid wages in the form of commodities (and NOT cash) and not have… Read More

Paying Farm Kids for Farm Work, Part II

Farm children 18 years or older working in mom or dad’s farm operation provide more tax opportunities for farmers. Schedule F and corporate farmers can pay reasonable wages to their children (for farm work) and reap large family tax savings. Children can be paid cash wages income tax free, subject to FICA withholdings, if wages… Read More

Paying Farm Kids for Farm Work, Part I

Farm children under the age of 18 working in mom or dad’s farm operation provide tax opportunities that often get overlooked. Schedule F farmers (sole-proprietors) can pay reasonable wages to their children (for farm work) and reap large family tax savings. Children under the age of 18 can be paid wages without any Social Security/Medicare… Read More