Farmers have options on taxes
By The Associated Press
The Nebraska Farm Business Association director says farmers should be making preparations and decision on their taxes for 2008.
Director Tina Barrett is reminding farmers that they can write off the first $250,000 in depreciation of assets that were bought in 2008.
That includes tractors, combines and most farm equipment and breeding livestock.
She says farmers should consider income averaging and make sure they’re not forgetting any credits, exemptions or deductions.
Barrett also says people getting Social Security don’t have to pay self-employment taxes on their conservation ground. But those who still actively farm and don’t receive Social Security have to pay that tax.

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mitchy_v wrote on December 2, 2008 8:22 am:
Mat wrote on December 2, 2008 9:37 am:
Remember, don't cuss out a farmer with a full mouth. "
whoa wrote on December 2, 2008 10:29 am:
No Farms No Food wrote on December 2, 2008 10:32 am:
Until you walk days and hours or years in a farmer's boots, you have no right to point fingers.
Instead, be thankfull we have the safest food supply the world has ever known. "
obviously wrote on December 2, 2008 10:45 am:
Nina wrote on December 2, 2008 1:22 pm:
RJ wrote on December 2, 2008 3:59 pm:
Alan wrote on December 2, 2008 4:29 pm:
Read IRS Notice 2006-108 and PLR 8822064 for more information. Material participation in the farming operation is the determinative factor not the receipt of Social Security income. "
Accountant wrote on December 2, 2008 10:07 pm: