by Andrew Bosserman, CPA | Mar 17, 2021 | Christmas Tree Tax Resources, Timber Tax Resources
The IRS announced today that the 2020 federal tax filing deadline has been extended from April 15 to May 17, 2021. The extension is automatic; individuals do not need to file any paperwork to take advantage of the extension. Any payments on 2020 federal income taxes...
by Andrew Bosserman, CPA | Mar 15, 2021 | Christmas Tree Tax Resources, Timber Tax Resources
This one simple mistake on a Christmas tree grower’s or forest landowner’s tax return could result in losing thousands of dollars. Many mistakes in growing Christmas trees, raising timber, and even preparing taxes can be fixed after the fact. Harvested too many...
by Andrew Bosserman, CPA | Feb 28, 2021 | Timber Tax Resources
An accurate timber basis is extremely important for every forest landowner. After my webinar on the Top 5 Ways Forest Landowners Save Taxes, I received many comments requesting further explanation of basis. This is the first article in a three-part series on...
by Andrew Bosserman, CPA | Feb 8, 2021 | Christmas Tree Tax Resources
Are you are a Christmas tree grower who has not made any estimated payments for 2020 taxes? Don’t worry! You may avoid penalties if you file your tax return by March 1 and pay the entire balance due. Estimated Payments – General Rule Generally, the IRS requires...
by Andrew Bosserman, CPA | Jan 30, 2021 | Q & A, Timber Tax Resources
A common question forest landowners ask me is: how are cost-share payments taxed? Are the payments capital gain or ordinary income? The short answer is that a forest landowner generally must report cost-share payments as ordinary income. However, a forest landowner...
by Andrew Bosserman, CPA | Jan 20, 2021 | Christmas Tree Tax Resources
Note: A version of this article first appeared in the Winter 2021 issue of the Great Lakes Christmas Tree Journal. Today, Joe Biden will be inaugurated as the United States’ 46th president. Democrats have retained control of the House of Representatives and have...
by Andrew Bosserman, CPA | Jan 14, 2021 | Q & A, Saving Taxes, Timber Tax Resources
A question I frequently receive from forest landowners is: can I deduct the cost of forest roads on my tax return? Generally, a forest landowner may deduct at least part of the cost of forest roads through depreciation. However, some of the cost may have to be...
by Andrew Bosserman, CPA | Jan 3, 2021 | Christmas Tree Tax Resources, Saving Taxes
Reporting Christmas tree sales using the capital gain method is the best way for most Christmas tree growers to keep more of their profits by minimizing their federal tax liability. In fact, an “average” grower can save $27,782 just by making this simple switch. The...
by Andrew Bosserman, CPA | Dec 17, 2020 | Saving Taxes, Timber Tax Resources
As I write this article, Joe Biden will be our next president and the Democrats will retain control of the House of Representatives. Control of the Senate is still up for grabs, pending the result of two Georgia run-off elections in January. 01/06/21 Update: The...
by Andrew Bosserman, CPA | Dec 9, 2020 | Live Presentations, Saving Taxes, Timber Tax Resources
01/14/21 Update: Although the webinar has already occurred, you can still watch the webinar on-demand at the link below. Enjoy! On January 12, 2021 at 1:00 PM EST, Andrew will be presenting a live webinar titled “The Top Five Ways Forest Landowners Save Tax...