FARM BUSINESS NEWS
Ask the Taxman by Andy Biebl
Andy Biebl DTN Tax Columnist
Mon Nov 26, 2012 09:34 AM CST

DTN Tax Columnist Andy Biebl is a CPA and tax partner with the accounting firm of CliftonLarsonAllen in Minneapolis, Minn., and a national authority on agricultural taxation. To pose questions for upcoming columns, email AskAndy@dtn.com.

Question:

President Obama wants to raise tax rates for individuals with $200,000 or more of adjusted gross income, or $250,000 for joint filers. What are the implications for farmers?

Answer:

If the president gets his way in the "fiscal cliff" negotiations, farmers will be affected like all other individual filers. Income above those levels is presently taxed at rates of 33% and 35%. Under ...

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