Polston Tax’s accounting and tax professionals are experienced partners who help agribusiness companies manage financial matters. The agriculture industry demands a lot of time and energy, and taxes can fall low on the priority list. Whether you’re unsure about tax credits you qualify for or need support for annual filing, working with a trusted partner can make tax matters feel manageable.
Through our personalized services, we can advance your company’s immediate position and catalyze growth. Our agriculture tax services extend to a range of needs, from filing your return to resolving disputes. Request a consultation to discuss accounting and tax services for businesses in any part of the farming industry.
Tax credits enable you to subtract money directly from the taxes your business owes. They are often specific to particular industries, making working with accounting professionals who know your sector essential. They can help you benefit from applicable federal and state reductions.
Individual states offer farmers credit for activities such as investing in conservation. For example, past Oregon projects have earned conservation tax credits for activities such as upgrading to energy-efficient solar in greenhouses — other state concessions cover activities like adopting solar or wind turbines on a farm. Charitable activities may also qualify for state tax credits, such as donating crops to food banks.
In the agriculture industry, a business’s accounting and tax strategies directly impact financial efficiency, business plans and compliance. Just as each business serves a unique role in the industry, each must refine generally accepted accounting principles (GAAP) to accommodate specific business characteristics.
Our firm has many years of experience serving commercial agriculture companies. We leverage our financial planning capabilities, comprehension of the agriculture industry and personalized approach to tailor accounting and tax solutions for farmers.
We recognize that your processes necessitate unique accounting and tax strategies. Our solutions account for the specific ways you navigate revenue stream diversity, fluctuating seasonal demand, supply chain cost variance and other unique agriculture industry financial characteristics. We also recognize and apply the intricacies of agriculture tax filing, such as Principal Agricultural Activity codes, section 179 expense deductions, depreciation allowance and maximum net earnings.
By molding our approach to yours, we can develop personalized bookkeeping strategies and tax plans that help your business remain profitable and compliant.
Operating in the agriculture industry, your business is subject to precise income reporting and tax filing requirements. Complex codes apply to subjects like agricultural land valuation, sales tax on farm supplies and equipment, crop and livestock sales, employment taxes and equipment depreciation.
Missing a detail or due date could prompt the Internal Revenue Service (IRS) or your state’s tax commission to audit your farm or impose a penalty. Polston Tax advocates for agriculture industry businesses by offering comprehensive tax resolution services. Whether you’re facing an appeal or a court appearance, our team provides support at various levels to help resolve your dispute.
Our tax law professionals are experienced attorneys and accountants who can guide your business to a feasible tax debt balance. We are familiar with the forms and processes involved in disputing tax claims, and our staff interfaces with IRS representatives daily. We know what it takes to improve your standing and will leverage all of our resources to achieve a favorable outcome.
Our consultative, collaborative approach drives results for agriculture companies of all sizes. Contact us online to schedule a consultation.
