R&D Tax Credits for Farmers and Ranchers
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What are R&D tax credits and how do they apply to farmers?
Uncle Sam knocks and says, hey, you know, Dom, I got a question for you. Call up me. Call up Tim. We will have a litany of incredibly experienced folks descend upon you, your farm, your questions, right, your situation. And we take that all the way up through, you know, defense of that whole audit, right, if there's any appeals type of deal. So the reality is that... You know, we take a lot of pride. I personally take a lot of pride at building a company that does top of the line, you know, best work that you can do because it's what our customers do. And so the only way to prove that is if you stand behind it 100%.
Ladies and gentlemen, farmers, ranchers, and distinguished guests, thank you for listening to the Farm for Profit Podcast, where we discuss the latest ideas, methods, trends, and techniques available to help your farm achieve higher levels of farm profitability. For Profit Podcast, where we discuss the latest ideas, methods, trends, and techniques available to help your farm achieve higher levels of farm profitability. Remember, if you aren't farming for profit, you won't be farming for long.
We're back with another farm for profit interview. That's camera one, camera two, camera three. Three cameras.
How has the R&D tax credit evolved since its inception?
I've got to spin that one around so we can actually see what it is.
It's extra special when you have three cameras rolling.
It is extra special, and especially when you've got a full cup of Joe.
Absolutely, yeah. I just pulled this out of the mailbox yesterday, and I said, Tanner? I literally just sent you a picture. I was like, are we trying to be poisoned right now? He's like, no, no, no. This Tim from Wyoming wanted to send us some coffee. So I'm drinking some of your coffee right now, Tim. It's very good. He's got some cool messages on his card. Stronger, I think, is the message that they're trying to do. So thanks for the coffee, Tim.
Appreciate that.
What qualifies as R&D in agriculture?
Listeners, you can send us suggestions, topics, people, even stories of your own to connect at farmforprofit.com, or you can send text messages or give us a call, 515-207-9640. We always love those, and that's why the topic we're going to discuss today is is one that you've been telling us we need to talk about. But there's a catch. We've known about this for a long time.
Couple years. Kind of a secret. It's like a dirty secret that we know.
I know. Talk about. And I kind of feel dirty because our audience didn't get to know about it even though we knew about it. Sometimes good things, you got to wait. Come to those who wait. Timing of the market. Well, I've been told that I go too fast, but I just tell people, look, I can do it twice and I'll still get it done sooner than you'll do it once.
Why is documentation important for R&D tax credits?
So this might just be twice. That's right. We're excited to cover that today. You got anything else in the intro? No, no.
Come see us at one of our trade shows that we're on the trail of. It should be Commodity Classic this week, I believe. Commodity next week. So, yeah, come say hi. It's going to be warm in Texas. Gosh, I hope so. We need it. Because it wasn't warm a few weeks ago when we were trying to fly back through there.
That is very much accurate. We are talking R&D tax credits today and everything included with that conversation.
How can AI streamline the documentation process for farmers?
We've got a repeat guest in the studio that you guys have never met. So is that really a repeat guest?
This is the second time in the studio, first time on a podcast that will air. Hopefully. First time caller. We have Tim and Dom here from Onshore. Welcome, guys, to the show.
Yeah, welcome. Yeah, thank you.
What is this, like a surfing company? Oh, you can't surf onshore.
That wouldn't make sense.
No, you gotta be offshore to surf, Tanner. This would be like a golfing company.
See, I can get behind that.
What is the difference between tax deductions and credits?
That's not what it is, unfortunately. We're tax guys, so maybe not quite as exciting as golf, but... We can save people more money.
I will give you credit and give you a challenge. The first time you were here, you made this topic exciting. Your energy was through the roof. It was something that I think everybody would have hung on the chair.
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Chapters
8 chapters
1
What are R&D tax credits and how do they apply to farmers?
0:00–1:27
2
How has the R&D tax credit evolved since its inception?
1:27–2:01
3
What qualifies as R&D in agriculture?
2:01–2:53
4
Why is documentation important for R&D tax credits?
2:53–3:27
5
How can AI streamline the documentation process for farmers?
3:27–3:59
6
What is the difference between tax deductions and credits?
3:59–4:49
7
How can farmers carry forward or back R&D tax credits?
4:49–5:22
8
What common mistakes should farmers avoid regarding tax credits?
5:22–1:15:14
Speakers
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