by Andrew Bosserman, CPA | Nov 21, 2020 | Christmas Tree Tax Resources
Only three weeks remain for Christmas tree growers to apply for a cash payment under the 2nd round of the Coronavirus Food Assistance Program (CFAP 2). Applications must be submitted by December 11, 2020. Eligible Christmas tree growers can apply and potentially...
by Andrew Bosserman, CPA | Nov 7, 2020 | Christmas Tree Tax Resources
Many Christmas tree growers hire additional help for harvest season. The end of the year is the busiest time for both wholesale and choose-and-cut Christmas tree growers. Harvest season is full of countless tasks, including tagging, selling, shaking, and baling trees....
by Andrew Bosserman, CPA | Oct 12, 2020 | Saving Taxes, Timber Tax Resources
I recently authored an article in Woodland Magazine titled “The Top Five Ways Timber Owners Save Tax Dollars.” In the article, I explain: The benefits of operating a timber activity as a business, rather than as an investmentHow to pay less tax on timber...
by Andrew Bosserman, CPA | Oct 4, 2020 | Timber Tax Resources
As I write this post, wildfires are raging along the West Coast, hurricanes have battered the Southeast, and heavy rains have brought flooding to many parts of the country. Even North Carolina, where I call home, had a minor earthquake earlier this year. Even if a...
by Andrew Bosserman, CPA | Sep 29, 2020 | Christmas Tree Tax Resources
Last week, the USDA opened up applications for the 2nd round of the Coronavirus Food Assistance Program (CFAP 2). Eligible Christmas tree growers can apply and potentially receive cash payments to offset some of the increased marketing costs associated with the...
by Andrew Bosserman, CPA | Sep 28, 2020 | Christmas Tree Tax Resources
Having trouble getting customers to come to your farm? Concerned that customers might buy their tree at an in-town lot or big box store? Why do wholesale buyers choose another farm over yours? The fix could be as simple as creating a Unique Selling Proposition for...
by Andrew Bosserman, CPA | Sep 4, 2020 | Timber Tax Resources
This is the fourth and final post in a series covering timber tax basics. Part 1 discussed timber activity classification and how classification affects timber taxation. Part 2 covered calculation of cost basis, capital accounts, and the reforestation deduction. Part...
by Andrew Bosserman, CPA | Aug 21, 2020 | Christmas Tree Tax Resources, Q & A, Saving Taxes
I’ve written previously about how electing capital gain treatment can result in tax savings of thousands of dollars for most Christmas tree growers. Many growers interested in electing capital gain treatment often ask me questions such as: “What does it take to...
by Andrew Bosserman, CPA | Jul 31, 2020 | Christmas Tree Tax Resources, Live Presentations
On Friday, July 31st, I presented “The Top Five Ways for Christmas Tree Growers to Save Tax Dollars” at the 2020 Great Lakes Christmas Tree Virtual Meeting. If you’d like a copy of the slides, feel free to download the presentation below. Enjoy!...
by Andrew Bosserman, CPA | Jul 1, 2020 | Christmas Tree Tax Resources
Last week, we applied the 80/20 Principle to our Christmas tree farms in order to increase profits. This week, we’ll explore ways to decrease expenses using the principle and how creating a detailed recordkeeping system can assist in an 80/20 analysis. Decrease...