A better gift next time, please

The end of the year is closing in! Thinking about Christmas already… or about taxes? We know that’s not what you asked for in your letter to Santa – he could bring a better gift, after all! But Paul Neiffer, farm CPA at CLAConnect, has something that may be a bit of a present: a tax checklist for pork producers that he recommends based on events in 2022.

• Be specific when writing prepaid expenses.

• Stay off the tax treadmill.

• Draft a plan for unwanted revenue.

• Consider how inflation might work in your favor.

The 2023 tax inflation adjustments will also be reflected in lifetime estate tax exemption, annual gifts, and standard deductions. In the end, keep in mind that inflation helps us with our taxes – that’s about it. Don’t forget to read more about the topic here!