Jacob Bunge’s Post

ATTN FLORIDA FARMERS 📢: Apply for the Florida Farm TEAM Card beginning Jan. 1! The Farm TEAM Card simplifies the process for farmers claiming sales tax exemptions when purchasing agricultural materials. Learn more: FDACS.gov/FarmTEAM

More from Tom Terrell and our interview with him: Why do some policymakers consider all rural land as “agricultural”? I can only speculate that some elected officials from rural counties find it a convenient political stump. And most of the urban policy wonks are unfamiliar with the nuances of farming. Another explanation could be that county and local governments use the easiest and most inflated data available, which is the acreage subject to county agricultural or timberland tax exemptions. This data is misleading because every person with a couple of horses or cows—large pets on large tracts—is allowed to claim the exemption. But I wouldn’t call that a bona fide farm.

Council; https://lnkd.in/eaGJanXf if this is working like this - then what impact does the fumes in the atmosphere have on them and how does that impact pollination and agriculture? I would like some reports writing on this if not already done please, also do you have any Council Tax budget to make it #FreeFromTheLandLiving at the cost of 0? Any chance the fine issuers can be smelted a shovel instead? How many reception desk walls are held in which to install the smelter(s)?

Today, I represented a farmer at a hearing to help him not be overtaxed for his land. When land is in greenbelt (used for agriculture), the property taxes could be in the hundreds of dollars per year. But when not in greenbelt, taxes could be thousands or even tens of thousands, especially because there is an automatic claw back for back taxes for the last 5 years when land is taken out of greenbelt. Utah Greenbelt basic requirements: Agricultural use for the last 2 years before the tax year. Agriculture can be the secondary purpose. The land must be 5 acres or more. The agriculture production must be over 50 percent of the area's average production per acre.

Want to know our process? Here's how it works... 1. Assess the Soil Nutrients: We conduct a thorough assessment of the volume of soil nutrients at the time of purchase or inheritance. This may involve taking new soil tests or reviewing existing soil tests, along with any prior records of application, crop production, or grazing activities. 2. Ascribe Value to the Nutrients: We determine the economic value of the nutrients by matching the type of nutrient to its market price and geographic location at the time of the land’s acquisition. This precise approach ensures the valuation is accurate and reflects the true potential benefit to the landowner. 3. Report with Strict Adherence to IRS Guidelines: We document the value of the Legacy Nutrients in a report that strictly adheres to IRS guidelines. Landowners then share this report with their CPAs, who determine the most beneficial way to apply these deductions under one of the four relevant tax code sections. #CPAInsights #TaxDeductions #LandManagement #SoilAssessment

Wondering what the House and Senate majorities have been reviewing and debating lately as it relates to the next Farm Bill? In this most recent edition of GrAIN, discover the latest outlooks and learnings from D.C. as well as explore other hot topics that can impact America’s farmers. Read now. https://lnkd.in/gzjTKcK3 #GreatMatters

Happy National Agriculture Week! CDTFA offers tips for agricultural businesses about how tax applies to sales of animals or feed, exemptions you may qualify for, the fuel tax program, and more. Check out our industry guide: https://lnkd.in/gJxh2mX9

Can you answer this tax question... Farm income averaging is computed on Schedule J, which may be filed: A. For the current year when a taxpayer files Schedule F showing a farm loss. B. For the current year which includes Schedule F showing net income from farming. C. Only by IRS after the taxpayer's return is completed and reviewed. D. On a family farming corporation with less than $25 million in gross receipts. Post your answer in the comments below. - https://lnkd.in/emDt264J #TaxPro #TaxTime #TaxPlanning #TaxAdvice #TaxSeason #TaxStrategy #TaxExperts #TaxConsultant #TaxHelp #TaxPreparation #TaxSaving #TaxSolutions #IRSHelp #TaxLaw #TaxCompliance #EAExam #EAStudy #EAExamPrep #EnrolledAgent #TaxProfessional #EACertification #TaxExam #TaxEducation #PassTheEA #EAReview #EAExamTips #EAExamSuccess #TaxSpecialist #EAJourney #EAExamGuide

RR No. 12-2023 exempts these producers if they meet the requirements, from providing invoices or receipts. However, they must keep an updated Simplified Sales Book, which is a less complicated version of a full invoice that contains pertinent transaction data. Joen shares his opinion regarding simplifying agricultural sales reporting. Read the full article here: https://lnkd.in/e_UGbmB2 #PAGrantThornton #GrowWithUs #GreatPlaceToGrow

Huzzah! Late Wednesday evening, Congress passed a bipartisan, one-year extension of the 2018 Farm Bill, which protects and extends critical #organic agricultural programs, such as the Organic Agriculture Research and Extension Initiative (OREI). The extension also supports the activities of the USDA National Organic Program (Agricultural Marketing Service), including funding for important programs but lack a permanent funding mechanism, such as the Organic Production & Market Data Initiative, the Organic Integrity Database, and Organic Certification Cost-Share.  We all win here to some extent, so let's celebrate this continuance. Then let's again dig in to start advocating for #OrganicFairShare in the next Farm Bill. For those of you who've asked, yes, I think I made that hashtag up. I'd like to see it used more often as the hashtag of choice when advocating (on any platform) for our fair share of research dollars, climate-positive agricultural programs, carbon sequestration funding, and other places where we deserve our fair share. Wolf & Associates, Inc. Organic Trade Association https://lnkd.in/gDMuZFUd