Tax Update
Randy Eikermann, CPA, Hermann, MO
January 16, 2016

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(Session notes provided by AgEBB staff with the help of Eugene FFA)

Randy Eikermann, CPA from Herman, Missouri discussed the new policies and changes in his presentation for the upcoming tax year. Randy explained how being knowledgable about taxes is especially important if a family farm is in the transition / success process. He explained the Protecting Americans from Tax Hikes (PATHS) Act. President Obama signed the bill on December 18th. He explained how claiming dependents can either help or hurt in the tax prcess. Randy feels like the 179 Expensing Bill will be become permanent within the next year. Lastly, Randy discussed how paying family members on a farm can help with taxes. If a worker is under the age of 18, they do not have to include it as income as long as it is under $6,000. He recommneds paying children and putting the money directly into a IRA for a future college fund.

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