In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
In light of the widespread storm damage from the recent Alabama Tornados, forest owners need to be aware of the tax rules related to deducting losses from storm damage and deferring taxable income that may have arisen from insurance proceeds and/or salvaged timber. If you are a forest owner, the attached document contains an informative [...]
JamisonMoneyFarmer continues to take a leadership role in the business and CPA world in the state of Alabama. After we shared Carl Jamison's work with the Alabama Business Council last week, we are pleased to announce that another JMF shareholder, Leighanne Faught, has been appointed by Governor Robert Bentley, upon confirmation of the Senate, to serve on [...]
The Alabama Forest Recovery Task Force was created to facilitate timber salvage efforts, to maximize the recovery of timber damaged by the April storms, and to limit the loss of timber volume and value. Below is a link to the task force website. If we can assist you, don't hesitate to call us. www.alabamaforestrecovery.com
With the recent tornado disasters, we've had many clients who have suffered timber damage. The IRS has recently updated their guidance on how to claim timber casualty losses. Casualty losses are limited to your basis in the property. If you have timber casualty losses that occurred in 2011, you may claim those losses on a 2010 amended or extended [...]
If you lost shade trees or had other storm or tornado related damage to landscaping on your personal property, you may qualify for a casualty loss deduction on your Form 1040. However, under current law, your deduction is limited to the lesser of your basis in the trees or landscaping damaged or destroyed or the [...]
If you have any storm damaged timber, you may want to check into whether funds are available through the Emergency Forest Restoration Program. You should check with our local USDA Farm Service Agency regarding sign-up periods which may vary by county. USDA FSA Offices: Tuscaloosa and Pickens County - 205-553-1733 Hale County - 334-624-3856 Greene [...]