The Nebraska Farm Bureau has developed a guide to help farmers and ranchers do their tax planning for the end of the year. There were tax adjustments made last December when Congress passed sweeping changes to the federal tax code. Farm Bureau Senior Economist Jay Rempe says there are several tax reductions producers may be able to take advantage of.
He says for those farmers and ranchers looking to pass their operations down to the next generation the new tax code doubles the base estate tax exemption from $5 million to $10 million.
Rempe suggests producers look at their tax tips on their website and then sit down with their tax preparer and talk about what they should do to get the most benefits out of the tax law.
The guide, 5 things to Remember: federal tax code changes for farmers and ranchers is available on the Nebraska Farm Bureau website at nefb.org.
