In this episode of AgCredit Said It, host Phil Young discusses tax planning for the upcoming tax season with Alex Schomaeker from Schultz Huber & Associates. The conversation covers various tax-related topics pertinent to farmers and business owners, including changes in tax laws, depreciation deductions, capital gains, health savings accounts (HSAs), estate taxes, and common year-end tax planning mistakes. Alex provides insights into the impact of the 2024 tax changes, the importance of planning for tax deductions, and strategies for managing capital gains and estate taxes. The episode also touches on the beneficial ownership information (BOI) reporting requirements and the recent injunction affecting its implementation.
Show Notes:
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