Timber
As a reputable accounting firm in West Alabama for over 90 years,JamisonMoneyFarmer PC has vast experience working with clients in the timber industry. We have made it our priority to assist our clients in understanding the complicated tax laws surrounding timber.
Understanding these laws is essential to optimizing our clients’ tax situation. We work with timber mills, timber managers, timber farmers and clients that hold timber for investment to make sure they are maximizing their deductions and classifying their timber income correctly. JMF offers tax planning, education seminars, consulting and various other services related to timber management and timber investments. Our experienced timber experts can keep you up to date on all timber-related law changes and make sure that you are optimizing your tax situation.
Our professionals can help you with the following:
- Classifying timber as personal, investment or business property
- Timber basis and depletion
- Tax treatment of cost-share payments
- Reforestation tax incentives
- Deduction of timber management expenses
- Tax treatment of timber sales
- Casualty losses on timber
- Installment Sales
- Depreciation, bonus depreciation and first-year expensing
- Income Averaging for Farmers
Recent Posts
Record Breaking Year for Alabama Exports, Tops $20 Billion
Made in Alabama products topped $20.6 billion – that’s TWENTY BILLION with a B – in 2016. That represents a 6.4% increase over 2015 numbers, per the US Department of Commerce. The previous high water mark [...]
IRS Issues Proposed Regulations to Family Owned Entities (§2704)
It’s fourth and long and time is running out! What’s your game plan? In 1990, Congress passed code Section 2704 intending to limit the aggressive use of valuation discounts utilized by family owned entities. Many [...]
Alabama Timberland Acreage Is Up to 23 Million Acres
A 2014 study by the Forest Inventory & Analysis (FIA) shows that the amount of timberland in Alabama has increased to an all-time high of 23 million acres, or 69% of Alabama’s total area. That's [...]
Tax Tips for Forest Landowners for the 2014 Tax Year
Linda Wang of the United States Department of Agriculture has created a summary of the newest tax laws related to timber. Tax laws on timber transactions are very specialized knowledge that are not commonly known. [...]