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Tax Tips for Farmers



Below are a few tax tips for anyone who owns or operates a farm:

  • If your crops were damaged and you received insurance payments for the damages, that money counts as income. You must report it to the IRS.
  • You can deduct ordinary expenses that are considered to be common in the farming business. Additionally, you can deduct necessary expenses that are considered necessary for business.
  • You’re allowed to deduct reasonable wages paid to your full-time and part-time employees. Be sure to withhold Social Security, Medicare, and income taxes from your employee’s wages.
  • If you purchased items for resale, such as livestock, you may be able to deduct the cost in the year of the sale, including freight charges for transporting livestock to your farm.
  • If bad weather forced you to sell more livestock or poultry than normal, you may be able to wait on reporting the gain of the sale.

 

For more information, contact Michaelia Breuker at 231.924.8072.

 

breuker-michaelia-accountant-farm-agricultureMichaelia Breuker
Accountant Specializing in Farm & Ag
231.924.8072
michaeliab@hscompanies.com

H&S Announces Addition of Farm and Agriculture Specialist



breuker-michaelia-hs-companies-web

H&S Companies is proud to announce the addition of Michaelia Breuker as their Farm and Agriculture Specialist.

FREMONT, MichiganH&S Companies is proud to announce the addition of Michaelia Breuker as their Farm and Agriculture Specialist. Michaelia graduated from Calvin College in 2012 with her Bachelor of Science degree in Accounting, and she has an extensive background in agriculture.

“I grew up on a dairy farm in Newaygo County,” said Michaelia Breuker, H&S Companies Farm and Agriculture Specialist, “I’m excited to have the opportunity to combine my passion for accounting with my love of agriculture.”

“We’re thrilled to have Michaelia on the team,” said Jack Hendon, H&S Companies Co-Founder, “from her family business, she has a deep understanding of the challenges farmers face.”

Michaelia feels that it is essential for the agricultural community to be aware of the 2013 tax provisions that could have a direct effect on their businesses.

“There are important provisions that need to be recognized by farmers, which may affect how they operate in the next few years.  I want to make sure that this information is received in a timely matter, especially when it has a direct impact on their businesses,”  Breuker said.

According to Breuker, there are currently three key tax provisions farmers need to be aware of:

  • Farmers – You’ve got more time this year to file and pay your income taxes. Instead of March 1, 2013, you have until April 15, 2013.
  • Bought more than $139,000 of equipment (new or used) last year? Congress retroactively increased Section 179 Expensing election from $139,000 to $500,000. This limit is good for 2013 as well, but drops to $25,000 for 2014!
  • 50% Bonus Depreciation (new equipment only) was also extended for all of 2013 and then vanishes. 2013 may be a great year for upgrading your equipment!

 

To learn more, contact Michaelia Breuker at 231.924.8072.

H&S Announces Addition of Farm and Agriculture Specialist




breuker-michaelia-hs-companies-web

H&S Companies is proud to announce the addition of Michaelia Breuker as their Farm and Agriculture Specialist.


FREMONT, MichiganH&S Companies is proud to announce the addition of Michaelia Breuker as their Farm and Agriculture Specialist. Michaelia graduated from Calvin College in 2012 with her Bachelor of Science degree in Accounting, and she has an extensive background in agriculture.
“I grew up on a dairy farm in Newaygo County,” said Michaelia Breuker, H&S Companies Farm and Agriculture Specialist, “I’m excited to have the opportunity to combine my passion for accounting with my love of agriculture.”
“We’re thrilled to have Michaelia on the team,” said Jack Hendon, H&S Companies Co-Founder, “from her family business, she has a deep understanding of the challenges farmers face.”
Michaelia feels that it is essential for the agricultural community to be aware of the 2013 tax provisions that could have a direct effect on their businesses.
“There are important provisions that need to be recognized by farmers, which may affect how they operate in the next few years.  I want to make sure that this information is received in a timely matter, especially when it has a direct impact on their businesses,”  Breuker said.
According to Breuker, there are currently three key tax provisions farmers need to be aware of:

  • Farmers – You’ve got more time this year to file and pay your income taxes. Instead of March 1, 2013, you have until April 15, 2013.
  • Bought more than $139,000 of equipment (new or used) last year? Congress retroactively increased Section 179 Expensing election from $139,000 to $500,000. This limit is good for 2013 as well, but drops to $25,000 for 2014!
  • 50% Bonus Depreciation (new equipment only) was also extended for all of 2013 and then vanishes. 2013 may be a great year for upgrading your equipment!

 

To learn more, contact Michaelia Breuker at 231.924.8072.

H&S Announces Addition of Farm and Agriculture Specialist



H&S Companies is proud to announce the addition of Michaelia Breuker as their Farm and Agriculture Specialist.

FREMONT, MichiganH&S Companies is proud to announce the addition of Michaelia Breuker as their Farm and Agriculture Specialist. Michaelia graduated from Calvin College in 2012 with her Bachelor of Science degree in Accounting, and she has an extensive background in agriculture.
“I grew up on a dairy farm in Newaygo County,” said Michaelia Breuker, H&S Companies Farm and Agriculture Specialist, “I’m excited to have the opportunity to combine my passion for accounting with my love of agriculture.”
“We’re thrilled to have Michaelia on the team,” said Jack Hendon, H&S Companies Co-Founder, “from her family business, she has a deep understanding of the challenges farmers face.”
Michaelia feels that it is essential for the agricultural community to be aware of the 2013 tax provisions that could have a direct effect on their businesses.
“There are important provisions that need to be recognized by farmers, which may affect how they operate in the next few years.  I want to make sure that this information is received in a timely matter, especially when it has a direct impact on their businesses,”  Breuker said.
According to Breuker, there are currently three key tax provisions farmers need to be aware of:

  • Farmers – You’ve got more time this year to file and pay your income taxes. Instead of March 1, 2013, you have until April 15, 2013.
  • Bought more than $139,000 of equipment (new or used) last year? Congress retroactively increased Section 179 Expensing election from $139,000 to $500,000. This limit is good for 2013 as well, but drops to $25,000 for 2014!
  • 50% Bonus Depreciation (new equipment only) was also extended for all of 2013 and then vanishes. 2013 may be a great year for upgrading your equipment!

 

To learn more, contact Michaelia Breuker at 231.924.8072.

H&S Companies Adds Team Members



hs-companies-team-growth

The H&S Companies Team is growing and expanding.

FREMONT, Michigan – H&S Companies is proud to announce the addition of Michaelia Breuker, Heidi Tice, Julie Lawton, Tom Garner and Jarred Hibma to the H&S team in their Fremont, Muskegon, Holland, Mount Pleasant and Rockford locations respectively.

Michaelia, Heidi, Tom and Jarred are accountants who will be taking over various responsibilities in their new offices; Julie is an administrative assistant who will provide support to the Holland team.

“We’re thrilled to add new team members,” said Jack Hendon, Co-Found of H&S Companies, “We’re growing and expanding our business and it’s great to be able to create jobs in the communities where we live and work.”

H&S Companies was founded in 1983 and started with just 2 employees. In 2013, they are celebrating 30 years of business and currently employ over 75 professionals across the state.

 

H&S Companies Adds Team Members




hs-companies-team-growth

The H&S Companies Team is growing and expanding.


FREMONT, Michigan – H&S Companies is proud to announce the addition of Michaelia Breuker, Heidi Tice, Julie Lawton, Tom Garner and Jarred Hibma to the H&S team in their Fremont, Muskegon, Holland, Mount Pleasant and Rockford locations respectively.
Michaelia, Heidi, Tom and Jarred are accountants who will be taking over various responsibilities in their new offices; Julie is an administrative assistant who will provide support to the Holland team.
“We’re thrilled to add new team members,” said Jack Hendon, Co-Found of H&S Companies, “We’re growing and expanding our business and it’s great to be able to create jobs in the communities where we live and work.”
H&S Companies was founded in 1983 and started with just 2 employees. In 2013, they are celebrating 30 years of business and currently employ over 75 professionals across the state.
 

H&S Companies Adds Team Members




hs-companies-team-growth

The H&S Companies Team is growing and expanding.


FREMONT, Michigan – H&S Companies is proud to announce the addition of Michaelia Breuker, Heidi Tice, Julie Lawton, Tom Garner and Jarred Hibma to the H&S team in their Fremont, Muskegon, Holland, Mount Pleasant and Rockford locations respectively.
Michaelia, Heidi, Tom and Jarred are accountants who will be taking over various responsibilities in their new offices; Julie is an administrative assistant who will provide support to the Holland team.
“We’re thrilled to add new team members,” said Jack Hendon, Co-Found of H&S Companies, “We’re growing and expanding our business and it’s great to be able to create jobs in the communities where we live and work.”
H&S Companies was founded in 1983 and started with just 2 employees. In 2013, they are celebrating 30 years of business and currently employ over 75 professionals across the state.