Drought and high feed prices forced many producers to sell off portions of their beef herd to survive, a move that likely has tax implications.
Additional sales usually mean additional income taxes. Fortunately, Congress recognizes the impact weather can have on producers, and has two special tax provisions to reduce income tax liabilities. However, consult your income tax professional first to assess your situation because it might cost you more in the future.
Here are two tax codes you should know, and a little perspective on whether they are right for your situation:
1….
