by Andrew Bosserman, CPA | Jun 21, 2020 | Christmas Tree Tax Resources
Remember the Pareto Principle (80/20 Principle) from your high school math class years ago? Well, turns out it can be just as applicable to farming as it is to the business world. Using the 80/20 Principle, Christmas Tree growers can increase profitability and...
by Andrew Bosserman, CPA | Jun 2, 2020 | Christmas Tree Tax Resources, Live Presentations, Saving Taxes
Learn tax tips from Andrew at 9am on July 31st by registering for the Great Lakes Christmas Tree Virtual Meeting. Taxes are complicated, especially as they relate to Christmas tree growers. I often wish I could explain my tax advice and tips in-person to you. Although...
by Andrew Bosserman, CPA | May 27, 2020 | Saving Taxes, Timber Tax Resources
This is the third 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. This post (Part...
by Andrew Bosserman, CPA | May 26, 2020 | Christmas Tree Tax Resources
One of the best ways for a Christmas tree grower to improve farm cash flow is to pay estimated taxes at the right time. Christmas tree farming is an extremely seasonal business, with almost all of a choose-and-cut grower’s income being earned in a few weeks...
by Andrew Bosserman, CPA | Apr 28, 2020 | Christmas Tree Tax Resources, Christmas Trees Magazine, Saving Taxes
My previous articles have emphasized that the most effective way for a Christmas tree grower to save taxes is by making a capital gain election under IRC § 631. This article analyzes in-depth just how much an “average” Christmas tree grower would save by making...
by Andrew Bosserman, CPA | Apr 18, 2020 | Saving Taxes, Timber Tax Resources
This is the second post in a series covering timber tax basics. Part 1 discussed timber activity classification and how classification affects timber taxation. This post (Part 2) covers calculation of cost basis, capital accounts, and the reforestation deduction....
by Andrew Bosserman, CPA | Apr 13, 2020 | Christmas Tree Tax Resources
It all began when I was a young boy… Andrew (left, in green) posing with his dad and brother after a successful Christmas tree outing. A few weeks before Christmas, my mom, dad, and brother would pile into the family car to head out to a local Christmas tree...
by Andrew Bosserman, CPA | Apr 3, 2020 | Christmas Tree Tax Resources
While electing capital gain treatment under IRC § 631 may be the best way for a Christmas tree grower to save tax dollars, another excellent way to save taxes is by deducting all allowable expenses. Expenses reduce taxable income, resulting in a lower tax bill. This...
by Andrew Bosserman, CPA | Mar 27, 2020 | Christmas Tree Tax Resources, Saving Taxes
On Friday, March 27, the House and Senate agreed on a stimulus package to mitigate the impact of the COVID-19 pandemic. President Trump is expected to quickly sign into law the Coronavirus Aid, Relief, and Economic Stimulus (CARES) Act. [Update: President Trump...
by Andrew Bosserman, CPA | Mar 22, 2020 | Christmas Tree Tax Resources, Saving Taxes, Timber Tax Resources
The IRS announced yesterday that the deadline for filing and paying 2019 taxes is extended to July 15, 2020 due to the COVID-19 pandemic. The extension is automatic; individuals and businesses do not need to file any paperwork to take advantage of the extension....