Farmers and ranchers are facing an uncertain economic environment, especially with higher interest rates. Roger McEowen, who produces the Washburn Agricultural Law and Tax Report, spoke at the North Dakota CPA Society Farm Tax Conference in Bismarck. With a possible downturn in farm income, McEowen sees a need to implement different tax planning strategies. “When you throw in the higher grain storage costs, it really changes the game in terms of marketing commodities and your tax strategies,” explained McEowen. “If the current law is allowed to expire at the end of ’25, rates are going to go up and we’re going to lose the QBI (Qualified Business Income) deduction so it may be time to think about pulling some of that income in and taxing it now instead of the heavy use of the deferral strategy that we commonly see with farmers and ranchers.” McEowen will be featured in the Red River Farm Network building during the Big Iron Farm Show. The forum will take place Tuesday, September 12 and will focus on tax and legal issues.
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