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Working Ranch - March 2018

toppin’ outBY TIM O’BYRNE Tax Relax Well, every now and again we get some good news, and this came in the form of a tax overhaul. The new Tax Reform plan signed by President Trump on December 22, 2017 brings these exciting new advantages into play This new educational resource is outstanding. Go to agfoundation.org and order yours today. Here’s how the new plan works: • Section 179. Beginning with the 2018 tax year, producers will be allowed to immediately write off capital purchases such as breeding livestock, farm equipment and single-purpose structures (like calving barns) up to $1 million. The phase out on this expensing provision doesn’t kick HEY, TEACHERS! Here’s an outstanding educational resource brought to you courtesy of your Checkoff dollars and the American Farm Bureau Foundation for Agriculture. The video follows a likeable group of half a dozen high school culinary students as they learn all about how beef and other meats make it from farm to plate. It’s a documentary, a cooking show, and a window into the lives of some very cool people; this comprehensive training program comes with a very informative 42-page manual. True Beef: Pasture to Plate is a must for anybody over the age of 14 (my recommendation) who has even the slightest inclination towards preparing meats or working in the food service sector. I personally rate this program as a 10/10, which is rare, because everyone knows I’m a crusty old editor. Go to www.agfoundation.org for more info. in until a farm reaches $2.5 million in purchases. • The Estate Tax had a few tweaks made to it as well. An individual exemption is now $11.2 million, meaning a couple can claim $22.4 million. In addition, promises to completely bury this burdensome tax in 2025 continue to excite the beef producing community. 14 I WORKING RANCH I MARCH 2018


Working Ranch - March 2018
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