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
Depreciation, bonus depreciation and first-year expensing
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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. [...]