Harvesting Hidden Tax Deductions using Section 180
Farm4Profit Podcast
English - June 24, 2024 05:00 - 56 minutes - 52.2 MB - ★★★★★ - 219 ratingsInvesting Business Education brewery fun winery distillery beans corn crops farm farm finance farm for profit Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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Who is Boa Safra?History, Mission, VisionStarted in 2019, in 40+ states, generated over $500 million deductions for clientsHelp maximize farm tax deductions for recently acquired farmland Uses the tax credit program for nutrients in the soil to get money back owner-operators, brokers, banks & mortgage lenders, land investors, CPA firmsThe Process:Sampling and mapping soilsEstablishing nutrient valuesGenerating comprehensive reportElaborate on the process by which taxpayers can allocate part of the purchase price of farmland to excess fertilizer or nutrients, as explain in the IRS section 180 reportWhat potential risks or challenges should taxpayers be aware of when considering the utilization of IRS section 180 deductions for recovering the value of residual fertilizer?Could this go away?How does Boa Safra assist owner-operators in quantifying the volume and value of legacy nutrients in their soils for the purpose of capturing federal tax deductions?How long after a farm purchase can you do it?How does Boa Safra adapt its services to meet the unique needs and preferences of different client types?Explain the process the determines valuations for residual fertility loadsAre there specific requirements or regulations that clients need to be aware of in order to claim the pre-existing soil fertility load deduction for agricultural production?The process:What specific nutrients are tested for during the soil analysis process? How do you ensure the accuracy and reliability of the data?Are there additional support service offered by Boa Safra?Tax filing process?Does it matter if its owned in a trust or LLC or partnership or individual?What did we miss?Summary and Challenge
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