Tax Rules for Farm Depreciation

How things have changed. Back when COVID hit, auto dealers were practically giving cars and trucks away. Today, it takes months to special order a vehicle, and there is little selection on dealer lots. With high income, some farmers are desperate for a write-off. When purchasing a truck, you can't assume it's 100% deductible in the year of purchase. The IRS has restrictions on cars and trucks that prevent smaller vehicles from being depreciated or expensed in one year. So, what are the rules? The vehicle must be used 50% or more in a qualified business. If the business use is 75%, only 75% can be depreciated (or 75% of lease payments expensed). There are also special rules if the vehicle is used by someone not directly connected to your business.

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Women on the Farm

According to the new federal census, female producers increased by 27% from 2012 to 2017. Female producers now make up 30% of all U. S. farm operators. Why the increase? The average age of the U. S. farmer is 58 years old, farm numbers are shrinking more every year, and fewer farm kids want to stay on the farm. You don’t have to look very far to see the move toward knowing where your food comes from and the transition to organic lifestyles. The increase in women farmers, in my opinion, is coming from the smaller scale operations in terms of acreage and value of agricultural products sold. The majority tend to sell more vegetable crops or specialized products.

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Best-Ever Fried Chicken

Ingredients 1-3/4 cups all-purpose flour 1 tablespoon dried thyme 1 tablespoon paprika 2 teaspoons salt 2 teaspoons garlic powder 1 teaspoon pepper 1 large egg 1/3 cup 2% milk 2 tablespoons lemon juice 1 broiler/fryer chicken (3 to 4 pounds), cut up Oil for deep-fat frying Directions In a shallow bowl, mix the first 6 ingredients. In a separate shallow bowl, whisk egg, milk, and lemon juice until blended. Dip chicken in flour mixture to coat all sides; shake off excess. Dip in egg mixture, then again in flour mixture. In an electric skillet or deep fryer, heat oil to 375°. Fry chicken, a few pieces at a time, until skin is golden brown and juices run clear, 6-10 minutes on each side. Drain on paper towels.

Come See Us!

We plan on attending the following shows in 2023 and hope to see you there! Farm & Ranch Show Schedule 2023: February 14-16 Alaska Village Initiative February 15-18 National Farm Machinery Show February 23-25 New York Farm Show February 24-25 Mid South Farm & Gin Show July 20-23 Arizona Cattle Growers Association August 2-4 Minnesota Farmfest September 20-22 Farm Science Review December 12-14 Western Alfalfa & Forage Symposium