Agriculture
Tax Information
 |
Gregory J. Cook, EA, CPA+ Accredited Tax Advisor Past President Alabama Society of Enrolled Agents Past President Alabama Association of Accountants |
|
Fuel and Road Use Tax
You may be eligible to claim a credit or refund of excise taxes on fuel used on a farm for farming purposes. This applies if you are the owner, tenant, or operator of a farm. You can claim only a credit for the tax on gasoline used on a farm for farming purposes. You can claim either a credit or refund for the tax on aviation fuel used on a farm for farming purposes.
What Cannot be Claimed as a Credit or Refund
You cannot claim a credit or refund for the tax on un-dyed diesel fuel or un-dyed kerosene used on a farm for farming purposes or for any use of dyed diesel fuel or dyed kerosene.
Note: Fuel is used on a farm for farming purposes only if used in carrying on a trade or business of farming, on a farm in the United States, and for farming purposes.
How To Buy Diesel Fuel and Kerosene Tax Free
You buy dyed diesel fuel and dyed kerosene excise tax free. You must use them only for a nontaxable use, including use on a farm for farming purposes. If you use the dyed fuel for a taxable use, you could be subject to the excise tax and a penalty. For example, if a truck used on a farm for farming purposes is also used on the highways (even though in connection with operating the farm), tax applies to the diesel fuel used (or sold for use) in operating the truck on the highways. The fuel was used off the farm for a taxable use.
Form 2290
If you use certain vehicles on public highways, such as a truck or truck tractor, registered or required to be registered in your name, file Form 2290, Heavy Highway Vehicle Use Tax Return (PDF), for the following purposes:
• To figure and pay the tax due on heavy highway vehicles (taxable gross weight 55,000 pounds or more) used during the period from July 1 to June 30
• To claim an exemption from the tax when the vehicle is expected to be used 5,000 miles or less (7,500 for agricultural vehicles) during the period
News and Articles from Bara Business Center
|
Greg Cook on the Recovery Act ... The Recovery Act was passed by Congress and signed into law by President Obama on February 17, 2009. The purpose of the $787 billion Recovery package is to jump-start the economy to create and save jobs. The Act specifies appropriations for a wide range of federal programs, and increases or extends certain benefits under Medicaid, unemployment compensation, and nutrition assistance programs. The legislation also reduces individual and corporate income tax collections (to an extent), and makes a variety of other changes to tax laws.
This Act will have far reaching consequences and we will be dealing with it for years to come (at least until 2018). Twenty-eight different agencies – such as the Departments of Education; Health and Human Services; and Energy – have been allocated a portion of the $787 billion in Recovery funds. Each agency develops specific plans for how it will spend its Recovery Act funds. The agencies then award grants and contracts to state governments or, in some cases, directly to schools, hospitals, contractors, or other organizations. The agencies are required to file weekly financial reports on how they are spending the money and their specific activities related to Recovery funds. Read more about The Recovery Act  |
While Our Government Rolls the Dice with Deficit Spending ...
We endeavor to bring information to you that will help you keep taxes and your personal finances in check. |
| Anyone May Take Advantage of Our Affiliate Discounts Simply use one of our links to receive: QuickBooks discounts are up to 20% off MSRP QuickBooks Checks and Forms are 10% off your entire order Free Shipping on all purchases QuickBooks Pro 2011 makes accounting easy with tools to organize your finances all in one place. Complete tasks like paying employees1), invoicing, bill tracking and check-writing. Track sales and expenses, and easily share this data in Word and Excel 2) With QuickBooks Pro, you’ll spend less time on routine tasks and more time on your business. QuickBooks Organizes your Files and Makes Tax Time Easy - Save up to 20% Now + Free Shipping. 
Buy QuickBooks Checks and Forms and Save 10% + Free Shipping QuickBooks Premier has all of the great features you know and love in QuickBooks Pro, plus industry-specific, timesaving, ready-to-use reports and business planning tools tailored to help your company grow. Along with saving you time on routine accounting tasks, Premier makes it simple to monitor business performance, build forecasts and manage payables and receivables. Premier also includes tools for tracking inventory, creating purchase orders and setting pricing levels. Order QuickBooks Premier Industry-Specific Solutions and Save 20% + Free Shipping 
|
Tax Dept
