Ozarks Farm & Neighbor Newspaper – written for, by & about farmers

Alger Family Farm
Tammy Alger’s aspiration to raise naturally fed livestock came from a desire to feed their large family healthy food. Alger Family Farm has now grown into a sought after direct marketing meat business in the Miller, Mo., area.

The IRS Office of Chief Counsel recently issued a memorandum concerning the use of IRS Form 1099 (also known as “information returns”). This form is important to taxpayers especially if you are audited in connection with horse activities, ranching or farming.

If you’ve ever filed a farm tax return, you likely have a functional definition of depreciation. From a tax standpoint, any time a farmer purchases new equipment, its cost must be deducted (depreciated) year-by-year, over the estimated time period that the equipment will be useful. The same rule applies with newly acquired buildings or land improvements. What you may not be aware of, is that our tax law provides some flexibility in the areas of depreciation.

Chaney Scott

David Ray

Commercial Metals Company