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