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NMA + Co

Working with entrepreneurs and business owners to preserve wealth with proactive tax strategies.

09/15/2026

Gifting commodities can be a useful planning tool, but the details matter.

One of the most common mistakes is treating the transaction like a gift after the sale has already been arranged. If the donor sells the commodity first and then gives away the proceeds, that typically does not create the same result as gifting the commodity itself.

For the strategy to work as intended, the actual commodity should be transferred before any sale is arranged. The transfer should be documented, the commodity should be moved into the donee’s name, and the donee should have real control over when it is sold and what happens to the proceeds.

In short, the gift needs to be real. If the donor keeps control, arranges the sale, or receives the money back, the intended tax treatment may not hold up.

Bottom line:
If you are considering gifting commodities as part of your tax planning, be sure the transfer happens before the sale and that ownership truly changes hands.

If this is part of your year-end planning, it’s worth reviewing the details with your tax advisor before moving forward.

09/10/2026

The IRS has made an unusual mid-year adjustment to the standard mileage rate for 2026.

Beginning July 1, 2026, the business mileage rate increased to 76¢ per mile, up from 72.5¢ per mile for the first half of the year.

For farmers and other business owners using the standard mileage method, that means you will use two different rates during the 2026 tax year. The rate is based on when the mileage occurred, not when you record the expense or receive reimbursement.

For example, 8,000 business miles split evenly between the two periods would result in a $5,940 mileage deduction.

This makes good mileage records especially important this year. Be sure to document:

• The date of each trip
• Business miles driven
• Destination
• Business purpose

One other important consideration: the standard mileage rate includes a depreciation component. Over time, those depreciation amounts reduce your vehicle's tax basis and can affect the tax consequences when the vehicle is eventually sold.

If you're using the standard mileage method for farm or business vehicles, make sure your records and tax treatment are keeping up with the new rate.

Have questions about how the 2026 mileage change affects your farm or business? Reach out to our office.

09/01/2026

When children earn legitimate income from a family business, there may be an opportunity to do more than simply pay them wages.

Families may be able to coordinate several types of savings, including:

• Roth IRAs for long-term, tax-advantaged retirement savings
• Trump Accounts for eligible children
• 529 plans for future education expenses

The important part is understanding how these accounts work together.

For example, a child's earned income may provide an opportunity for the child to make their own contributions to certain accounts. Parents also need to consider contribution limits, gift tax rules, payroll requirements, and whether the wages being paid are reasonable for the work actually performed.

There are also employer-sponsored options for Trump Accounts, but those arrangements can come with additional plan, payroll, and compliance requirements. Depending on the family and business, a simpler approach may make more sense.

The best strategy isn't necessarily about putting the maximum amount into every account. It's about understanding the rules and coordinating the accounts around your family's goals.

If your children work in the family business, it may be worth reviewing how their wages and long-term savings fit together.

08/25/2026

Farm tax planning often focuses on ways to reduce taxable income. But there are years when intentionally recognizing additional income can make sense.

If your farm has had a lower-income year, you may have deductions or lower tax brackets that would otherwise go unused. Certain tax elections can give you flexibility to recognize income now while preserving deductions or depreciation for future years.

Depending on your situation, that could mean reviewing:

• Installment sale elections
• Bonus depreciation
• Section 179 deductions
• Depreciation methods
• Elective deductions and income deferrals
• Retirement contributions

There are also important considerations. Additional Schedule F income can create self-employment tax, and increasing income can affect other areas of your tax return, including certain credits, deductions and farm program considerations.

The takeaway? Good tax planning isn't always about getting your income as low as possible. It's about finding the right balance for the current year and the years ahead.

If you're looking at a lower-income farm year, now is a good time to start modeling your options before tax filing deadlines arrive.

08/19/2026

USDA has released additional guidance on the new FSA payment limitation rules.

Here are a few key updates producers should know:

• ARC & PLC payment limits: $160,000 for 2025 and $164,000 for 2026
• AGI certifications: CPAs and tax attorneys can allocate income between spouses for Married Filing Joint returns when determining AGI, including the 75% farm AGI test. Enrolled Agents may also certify the test, with limitations for Married Filing Separate returns.
• New entity reporting: FSA will be using Form CCC-902EP to collect entity information.
One important reminder: 2023–2025 assistance programs, including SDRP and specialty crop programs, remain subject to the previous entity payment rules.

If you receive FSA payments, make sure you understand which rules apply to your operation and keep your entity and AGI information up to date.

08/10/2026

Do your kids work on the farm? Putting them on the payroll could offer valuable tax benefits.

If your children regularly help with farm operations, paying them for legitimate work can be a smart piece of your family’s overall tax strategy.

For qualifying sole proprietorships and certain partnerships, wages paid to children under 18 may be exempt from Social Security and Medicare taxes. Wages paid to children under 21 may also be exempt from federal unemployment tax.

There may be an income tax benefit as well. For 2026, the standard deduction is $16,100. Depending on individual circumstances, this means a child with earned income may owe little or no federal income tax.

These benefits can extend beyond the current year. Earned income can let your child contribute to a Roth IRA, allowing them to start building tax-free retirement savings at a young age.

There are a few important rules to keep in mind:
- The work must be legitimate and age-appropriate
- Compensation should be reasonable for the work performed
- Keep accurate time and payroll records
- Proper payroll reporting, including filing a Form W-2, is required
- The tax treatment depends on your business structure. Corporations and partnerships with a partner who is not the child’s parent are subject to different rules.

If your kids are already helping around the farm, it may be worth taking a closer look at whether putting them on payroll makes sense for your operation.

Contact our office to discuss if this strategy could work for your farm and family.

08/04/2026

Did your ECAP payment hit the $125,000 limit?

If so, don't assume that's all you're eligible to receive. Some producers may qualify for additional ECAP payments, but Form CCC-943 must be filed by August 17 to be considered.

Here are a few important things to know:
• Eligibility is based on gross farm income, not adjusted gross income (AGI).
• A CPA, attorney, or enrolled agent must certify the form.
• Equipment sales and other factors may affect eligibility, making it worthwhile to review your situation.

If your payment reached the cap, now is the time to ask questions. Waiting until after August 17 could mean missing out on additional funds.

Contact our office this week if you'd like us to help determine whether you qualify.

02/06/2026

With strict rules and limited tax benefits, Trump accounts aren’t right for every family—particularly if they’re not eligible for government or private seed contributions. They're likely best used alongside existing accounts.

I made a chart to compare how they stack up against other accounts. Here you go.

Link to article with more info here:
https://www.forbes.com/sites/kellyphillipserb/2026/01/30/is-a-trump-account-the-right-savings-plan-for-your-children/

01/27/2026

Selling your business. Passing it on. Or stepping back someday.

Most business owners know what they want to do. Few know how to do it with a well thought out tax strategy.

The biggest mistake we see? Waiting too long to plan.

Whether you’re:
• Looking toward retirement
• Hoping to pass the business to family or key employees
• Considering selling but unsure what it’s worth

The smartest transitions usually start 5+ years in advance.

A strategic CPA can help:
• Increase business value before a sale
• Identify key players in a smooth transition
• Structure the exit to minimize tax consequences
• Align the plan with your long-term goals and cash flow needs

An exit strategy isn’t about leaving tomorrow.
It’s about protecting what you’ve built.

If transitioning or exiting your business is even a future thought, it’s worth starting the conversation now.

01/05/2026

1099 season is here, and one of the most common filing mistakes we see is using the wrong form.

If you paid independent contractors, freelancers, or service providers during the year, Form 1099-NEC is typically required when payments total $600 or more.

Form 1099-MISC is still used, but it generally applies to things like rent, royalties, and certain legal payments — not contractor services.

📌 Filing deadline: February 2

Taking a few minutes to confirm which form applies can help avoid IRS notices and penalties later.

If you have questions, it’s always better to check before you file.

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Friday	8am - 12pm

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Website

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