What’s in a Legacy?; What is a Trade or Business?
Автор: Washburn WALTR
Загружено: 2025-07-29
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Roger McEowen interviewed by Tammi Arender, RFD-TV Market Day Report, June 18, 2025
00:00 - What’s in a Legacy? - To many farm families, leaving a legacy for subsequent generations is important. Often that involves land ownership, but a legacy can involve much more. It could be landholdings, leadership roles as well as finances. It can also include faith, values and reputation. What are you creating for your legacy?
02:10 - What is a Trade or Business? - If your farming business is a sole proprietorship engaged in a trade or business and is not a hobby, you can deduct such things as business expenses and net operating losses. But you also must pay self-employment tax on your income. But, how do you know if your activity is a trade or business in the eyes of the IRS?
More information: https://lawprofessors.typepad.com/agr...
Roger McEowen is the Professor of Agricultural Law and Taxation at Washburn University School of Law in Topeka, Kansas. From RFD-TV Market Day Report, June 18, 2025; uploaded with permission.
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