PPT-Tax Considerations of

Farm Transfers AAE 320 Based on work of Philip E Harris Center for Dairy Profitability Dept of Agricultural and Applied Economics University of WisconsinMadisonExtension Goal To understand the options for transferring farm assets from one generation to the next and the tax consequences of each option. Hosted by:. Accounting . Web. Date: . November . 21, 2013. Our World. Government entities in the United States expect to:. Collect $1.9 trillion from income taxes in 2013. Process 240 million tax returns. IM4Q Annual Statewide Conference 2016. Guy . Caruso - Institute on . Disabilitie. s. . Nancy . Cohlhepp. . & Kathy . Glosser - Clarion Vocational . Services;. Jennifer . Harniman-Crangle - Chester County Department of . Roger A. . McEowen. **. _______________. *Presented at the 2013 National Farm Business Management Conference, Overland Park, Kansas, June 10, 2013.. **Director of the ISU Center for Agricultural Law and Taxation. Member of the Iowa and Kansas Bar Associations and licensed to practice in Nebraska.. For new business owners or anyone entering the corporate world for the first time, corporate income tax can seem like a minefield. Let’s look at it in a little more detail: IM4Q Annual Statewide Conference 2016. Guy . Caruso - Institute on . Disabilitie. s. . Nancy . Cohlhepp. . & Kathy . Glosser - Clarion Vocational . Services;. Jennifer . Harniman-Crangle - Chester County Department of . Mahmoud . Hailat, PE. . INDOT-Bridge . Division. May 1, 2014. Integral Abutments – Outline. History & Updates . Advantages and Disadvantages . Types. Research Update – Purdue University . Design Criteria/ Considerations . What? You Don’t believe this? All you need do is listen to and read all the various quotes from IRS directors, commissioners and former agents, not to mention all the quotes from congressmen and women. Filing your taxes each year need not be a stressful experience if you prepare in advance and take the time to understand a little more about what can get you a credit or a deduction. Even if you’re using the services of a tax professional, it doesn’t hurt to understand as much as you can about the whole process, and the more information you can accurately present to your tax professional well in advance of the due date, so much the better. Whether you’re new to the world of taxes as a business owner or individual, an accountant is generally considered to be the best person to help you with your financial information, and they can be thought of as professional tax collectors. With the beginning of a new year, comes the perfect opportunity to begin to think strategically about your taxes, if you haven’t already. Here are a few points you might want to take into consideration when planning your taxes: As discussed in Part One, the majority of US citizens use the services of paid tax professionals to help them submit their tax returns each year, and with these simple tips, your tax preparation experience can be as pain-free as possible: Tax filing can be a confusing and complicated debacle at the best of times, but with the effects of the new 2019 Republican Tax Law beginning to reverberate around the country, things just may have gotten out of hand. With some tax breaks having been scrapped or capped, and others being introduced or expanded upon, it can be tough to stay on top of things. So, here is the first part of a brief guide that attempts to answer some of the most common tax queries: There are, of course, strict penalties in place for those who incorrectly file their tax return, whether it’s a business or personal one, but the IRS will not assess a penalty if it owes you or your business, a refund. You can even claim your refund late by filing an amended tax return within three years, but if you owe money to the IRS and fail to pay because of an inaccurate tax return, then they may go ahead and assess penalties and interest. Taxes are a hassle no matter how you tackle them, but there are ways of simplifying the whole process by planning in advance to help minimize your stress levels when your taxes are due: