With harvest quickly approaching, now is the time to start thinking about gifting grain to one or more deserving non-profits. While we don't claim to be tax preparers, our accounting partners have provided us with some information to start the conversation around giving grain. This document states the following regarding gifting grain to a charity.
"Grain gifted to a charity can be excluded from income even though the cost of growing the crop is deducted. Many farmers who may not itemize use this tool as a way to benefit a charity and lower their taxable income."
If you're interested in gifting grain to the Nebraska FFA Foundation this harvest, contact us to learn more about the impact you can have on future leaders in the agriculture industry.