Articles tagged under: taxes
Standoff Possible Over Gas Tax Proposal
Published March 8, 2019
Minnesota Governor Tim Walz’s tax proposal is generating plenty of discussion in St. Paul. State Senator Torrey Westrom, who is from Elbow Lake, says rural Minnesota needs roads and bridges, but there is no support for a gas tax. "A…MN Farmers Want Tax Conformity at State Level
Published March 1, 2019
Tax conformity tops the wish list for soybean farmers in the Minnesota legislative session. Minnesota Soybean Growers Association President Mike Petefish says it's a challenging situation with the federal government and state government being so different on deductions and the…IRS Waives Tax Filing Deadline for Farmers and Ranchers
Published March 1, 2019
The Internal Revenue Service issued final regulations implementing sections of the Tax Cuts and Jobs Act related to farm income on February 8. As a result, the IRS has extended the deadline for qualifying farmers and ranchers to file taxes…Tax Conformity a Focus for the MN Legislative Session
Published December 31, 2018
Tax conformity will be a focus during the upcoming legislative session. Minnesota Farmers Union Government Relations Director Thom Petersen says it’s a priority to update the Section 179 deduction. "Minnesota conforms at a very low level so if a farmer buys…Tax Planning Series: Prep for the Meeting
Published December 19, 2018
As farmers prepare for tax season, AgCentric Farm Business Management Instructor Ron Dvergsten says the first step for farmers to contact their tax preparer. "Do an estimate to see where you are tax-wise." In addition, come prepared for the meeting.…Year-End Tax Planning Tips
Published December 17, 2018
As 2018 comes to a close, farmers and ranchers are gathering financials for tax planning purposes. NDSU Extension farm economist Ron Haugen says it’s best to start with year-to-date income and expenses, and estimate them for the remainder of the…Tax Season Reminders for Farmers
Published December 5, 2018
As 2018 comes to a close, farmers and ranchers are gathering financials. As a result of new tax laws, there are several changes for the upcoming year. Renee Fink, AgCountry Farm Credit Services Vice President of Tax, says the most…Seeking the Return of the Biodiesel Tax Credit
Published June 27, 2018
A coalition of biofuel organizations, trucker groups and petroleum companies is asking for a permanent tax incentive for biodiesel. This $1 per gallon tax credit has been off and on in recent years. Most recently, this tax incentive expired at…MN Senator Expresses Caution on Tax Credit
Published May 16, 2018
Minnesota Senate Agriculture, Rural Development and Housing Finance Committee Chairman Torrey Westrom says lawmakers are still working to include the buffer tax credit in the tax bill. “We’re hopeful, but right now it doesn’t look good for the buffer tax…