Ag Advantage

Browse these helpful agricultural financial management resources.

Tera Schultz

Tax Specialist

Recent Posts

Understanding Illinois 2017 Tax Legislation

Farm Finance, Farm taxes

Posted by Tera Schultz on Oct 19, 2017 3:30:51 PM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

The tax package signed into law in Illinois this summer goes much further than the tax rate increase. While that increase is substantial, with rates raising from 3.75% to 4.95% for individuals and from 5.25% to 7% for corporations, other changes are significant.

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Farm Taxes – Overview of Capital Gains Rules and the Family Farm: Buying & Selling Farmland Part 4

Farm taxes

Posted by Tera Schultz on Sep 27, 2017 4:41:53 PM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

In part 3 of 4 in the seires on buying and selling farmland titled, "Overview of Captial Gains Rules and the Family Farm," we looked at capital gains in tax law, the types of assets that fall under its rules, as well as investment properties, farm equipment, farm-use buildings, and ...

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Farm Taxes – Overview of Capital Gains Rules and the Family Farm: Buying & Selling Farmland Part 3

Farm taxes

Posted by Tera Schultz on Sep 12, 2017 11:33:11 AM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

If you're keeping up with the series on farm taxes and buying and selling farmland, in last week's post, part 2 of 4 in the seires, we discussed what qualifies as real property in the blog article titled "Farm Taxes - Property Types and Asset Classes." This week, we take a look at...

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Farm Taxes - Property Types and Asset Classes: Buying & Selling Farmland Part 2

Farm taxes

Posted by Tera Schultz on Aug 30, 2017 2:00:46 PM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

Very recently, members of our tax team had a lively debate about what qualifies as real property – and tax is our job! How would an average taxpayer know what qualifies as real property?

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Farm Taxes - Distinct Assets: Buying & Selling Farmland, Part 1

Farm taxes

Posted by Tera Schultz on Aug 22, 2017 12:52:09 PM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

When you buy farmland, it is often the case that you are buying tillable acres and only tillable acres. Sometimes the farmland comes with buildings or other assets. Many times our clients tell us, “I bought 50 acres for $450,000” and wonder why we ask so many questions about it.

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Farm taxes and children: Here's what you need to know for every age

Farm taxes

Posted by Tera Schultz on Mar 6, 2017 10:25:30 AM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

Of all the things raised on a farm, the most rewarding and the most challenging are always our children. At tax time, our kids bring us some extra joy. There are a variety of credits available to parents of children, and farm taxes can sometimes make the credits and deductions more...

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