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Harvesting Hidden Tax Deductions using Section 180

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Manage episode 425263231 series 2906122
Content provided by Farm4Profit LLC, David Whitaker, Corey Hillebo, and Tanner Winterhof. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Farm4Profit LLC, David Whitaker, Corey Hillebo, and Tanner Winterhof or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Visit www.farm4profit.com for more information on Boa Safra Ag

Wheat tip sponsored by www.estesperformanceconcaves.com

  • Who is Boa Safra?
  • History, Mission, Vision
  • Started in 2019, in 40+ states, generated over $500 million deductions for clients
  • Help 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 firms
  • The Process:
  • Sampling and mapping soils
  • Establishing nutrient values
  • Generating comprehensive report
  • Elaborate 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 report
  • What 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 loads
  • Are 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

Don’t forget to like the podcast on all platforms and leave a review where ever you listen!
Website

www.Farm4Profit.com

Shareable episode link

https://intro-to-farm4profit.simplecast.com

Email address

Farm4profitllc@gmail.com

Phone

515.207.9640

Subscribe to YouTube

https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5Xqw

Follow us on TikTok

https://www.tiktok.com/@farm4profit

Connect with us on Facebook

https://www.facebook.com/Farm4ProfitLLC/

  continue reading

377 episodes

Artwork
iconShare
 
Manage episode 425263231 series 2906122
Content provided by Farm4Profit LLC, David Whitaker, Corey Hillebo, and Tanner Winterhof. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Farm4Profit LLC, David Whitaker, Corey Hillebo, and Tanner Winterhof or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.

Visit www.farm4profit.com for more information on Boa Safra Ag

Wheat tip sponsored by www.estesperformanceconcaves.com

  • Who is Boa Safra?
  • History, Mission, Vision
  • Started in 2019, in 40+ states, generated over $500 million deductions for clients
  • Help 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 firms
  • The Process:
  • Sampling and mapping soils
  • Establishing nutrient values
  • Generating comprehensive report
  • Elaborate 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 report
  • What 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 loads
  • Are 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

Don’t forget to like the podcast on all platforms and leave a review where ever you listen!
Website

www.Farm4Profit.com

Shareable episode link

https://intro-to-farm4profit.simplecast.com

Email address

Farm4profitllc@gmail.com

Phone

515.207.9640

Subscribe to YouTube

https://www.youtube.com/channel/UCSR8c1BrCjNDDI_Acku5Xqw

Follow us on TikTok

https://www.tiktok.com/@farm4profit

Connect with us on Facebook

https://www.facebook.com/Farm4ProfitLLC/

  continue reading

377 episodes

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