by Christmas Tree Tax Team | Sep 11, 2023 | Saving Taxes, Timber Tax Resources
There are 3 main types of reforestation expenditures that qualify for accelerated deduction under Internal Revenue Code (IRC) § 194. Forest landowners and their advisors frequently ask me questions about qualifying reforestation expenditures. One of the most common...
by Christmas Tree Tax Team | Jul 20, 2023 | Christmas Tree Tax Resources
One of the best ways for Christmas tree farms to improve cash flow is to delay estimated tax payments until after the Christmas season. Most Christmas Tree Farms Generate Income Once per Year Now that we’re a little over halfway through 2023, your cash flow might be...
by Christmas Tree Tax Team | May 17, 2023 | Christmas Tree Tax Resources, Timber Tax Resources
Every Christmas tree grower and forest landowner should review their estate plan to determine the impact of a recent IRS ruling involving grantor irrevocable trusts and stepped-up basis. Many Christmas tree growers and forest landowners use trusts as part of their...
by Christmas Tree Tax Team | Apr 19, 2023 | Christmas Tree Tax Resources
Christmas tree growers who show a business loss on their tax return should not be worried about the hobby loss rules, so long as their farm shows an overall net profit. I’ve received a number of questions over the years dealing with the application of the hobby loss...
by Christmas Tree Tax Team | Jan 17, 2023 | Christmas Tree Tax Resources, Courses, Timber Tax Resources
Are you looking to save taxes in 2023? If so, learn how to with my new courses! Almost all Christmas tree growers and forest landowners can save thousands of dollars in taxes by following a few strategies. My new courses involve video lessons taught by me about how to...
by Christmas Tree Tax Team | Nov 1, 2022 | Q & A, Timber Tax Resources
I often receive questions from forest landowners about the differences between Internal Revenue Code (IRC) § 631(a) and § 631(b). IRC § 631 provides capital gain treatment for qualifying timber sales. Capital gain treatment is beneficial to forest landowners,...
by Christmas Tree Tax Team | Oct 1, 2022 | Christmas Tree Tax Resources, Q & A
Christmas tree growers are often eligible for a tax deduction for trees damaged or destroyed due to natural disasters. However, the tax deduction is limited to the adjusted basis of the trees, not the trees’ market value. Are you a forest landowner wondering how to...
by Christmas Tree Tax Team | Sep 1, 2022 | Timber Tax Resources
The Inflation Reduction Act contains multiple provisions that will benefit forest landowners. A few weeks ago, President Joe Biden signed the Inflation Reduction Act of 2022 into law. The new law contains many different provisions, including a minimum corporate income...
by Christmas Tree Tax Team | Aug 15, 2022 | Christmas Tree Tax Resources, Saving Taxes
The capital gain method often results in significantly lower taxes; however, avoid these pitfalls to prevent the IRS from taking your tax savings! If you’ve been reading my articles for any length of time, you’ve probably heard me talk at length about the capital gain...
by Christmas Tree Tax Team | Aug 1, 2022 | Timber Tax Resources
I often receive questions from forest landowners about depletion, such as: What is depletion? How do I calculate depletion? What do I need to do to claim depletion on my tax return? Keep reading to find out the answers to these questions about...
