Preparing for tax filing time on the farm or ranch

In December 2017, the United States Congress passed what has become known as the Tax Cuts and Jobs Act (TCJA), which was then signed by the president, making it the law of the land. This law is the largest piece of tax legislation enacted in more than 30 years. It will affect individuals and businesses in significant ways during its expected eight-year life. Some provisions are permanent, but many will expire Dec. 31, 2025. It will be prudent for each taxpayer and business owner to become somewhat familiar with how this legislation will impact their individual and business income and expense reporting. –Noble Research Institute Ag News and Views Read more…