![]() Special rules for qualified disaster losses. There is no maximum limit on earnings subject to the Medicare part (2.9%) or, if applicable, the Additional Medicare Tax (0.9%). The maximum net self-employment earnings subject to the social security part (12.4%) of the self-employment tax is $147,0, up from $142,8. The special depreciation allowance is also 80% for certain specified plants bearing fruits and nuts planted or grafted after December 31, 2022, and before January 1, 2024. For certain specified plants bearing fruits and nuts planted or grafted after December 31, 2022, and before January 1, 2024, the special depreciation allowance is also phased down to 80%. The special depreciation allowance is phased down to 80% for certain qualified property acquired after September 27, 2017, and placed in service after December 31, 2022, and before Janu(other than certain long production period and certain aircraft). Phase down of special depreciation allowance. Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2022 is $27,000. This limit is reduced by the amount by which the cost of the property placed in service during the tax year exceeds $2,700,000. The maximum amount you can elect to deduct for most section 179 property you placed in service in 2022 is $1,080,000. Increased section 179 expense deduction dollar limits. The business standard mileage rate from July 1, 2022, to December 31, 2022, is 62.5 cents per business mile. The business standard mileage rate from January 1, 2022, to June 30, 2022, is 58.5 cents per business mile. ![]() They are discussed in more detail throughout this publication. The following items highlight a number of administrative and tax law changes for 2022. Until these differing interpretations are resolved by higher court decisions, or in some other way, this publication will continue to present the interpretation by the IRS. This publication covers subjects on which a court may have rendered a decision more favorable to taxpayers than the interpretation by the IRS. However, the information given does not cover every situation and is not intended to replace the law or change its meaning. The explanations and examples in this publication reflect the IRS's interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions. See chapter 16 for information on ordering these publications. We refer to many of these free publications throughout this publication. ![]() If you need more information on a subject, get the specific IRS tax publication covering that subject. Use this publication as a guide to figure your taxes and complete your farm tax return. This publication explains how the federal tax laws apply to farming. It also includes plantations, ranches, ranges, and orchards and groves. A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. ![]() *An earlier version of this article mistakenly stated that Biden’s ad is the first climate-themed ad in presidential campaign history.You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. Will Biden’s new emphasis on the intersection of climate and agriculture pay off? We’ll find out in less than a month. The Biden campaign has been homing in on the state ahead of the general election, with Joe and Jill Biden, vice presidential nominee Kamala Harris, and Vermont Senator Bernie Sanders (stumping on Biden’s behalf) all visiting Michigan in recent weeks. Trump flipped Michigan red by a margin of 10,704 votes in 2016. Sixty-three percent of Michigan voters said they think climate change is affecting local agriculture. A 2019 poll showed a majority of registered voters in five major agricultural states consider extreme weather to be a significant threat to farmers and their communities. Farmers’ advocacy groups like the National Farmers Union are pushing for climate-friendly agricultural policies. In June, Republican Senators Mike Braun of Indiana and Lindsey Graham of South Carolina joined two Democrats in sponsoring a rare piece of bipartisan legislation called the Growing Climate Solutions Act, which is intended to help cut emissions from farms. The relationship between climate and farming, however, is an area that’s ripe for compromise. Climate change in general is still a partisan issue (though some Republicans, especially younger ones, have been coming around recently). It makes sense that the Biden campaign chose to focus on agriculture in its first climate ad. To support our nonprofit environmental journalism, please consider disabling your ad-blocker to allow ads on Grist. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |