MSU Extension Farm Management

This information is up-to-date for 2017 but many changes are coming for 2018 and we will update this page as the year progresses.

Although many producers and businesses don’t think about income taxes until either the last couple of weeks of December or just before we have to file Tax should just as much be a part of many of your other management decisions. Another tax that is common is what is known as the “pop-up” tax. A tax that is brought on by possible changes that may be made to the property. You will find information and forms that will help you whether your property may be exempt from the “pop-up” tax. 

Michigan State University and Extension Articles and Information

• 2015 Tax Estimation Worksheet (as of Nov.1, 2015) (Borton, MSU Telfarm Center)
• 2015 Depreciation Information (as of Nov.1, 2015) (Borton, MSU Telfarm Center)
• 2015 Tax Tips (as of Nov. 1, 2015) (Borton, MSU Telfarm Center)
• Small Employer Health Care Tax Credit (Kantrovich, MSU Extension)
• Capital Gains Tax Changes May Affect Farms (Kantrovich, MSU Extension)
• Section 179 Expense Deduction and Bonus Depreciation (Kantrovich, MSU Extension)
• MSU Income Tax School Website
• MSU Telfarm Articles (General and Taxes)
• Small Farmer Tax Guide
• Domestic Production Activities Deduction 
• Tax- Favored Health Plans
• Medical Benefit Alternatives for the Self Employed, M. P. Kelsey from the Department of Agricultural Economics, Michigan State University
• Michigan Sales Tax and Farm Exemption Article (Schauer, MSU Extension)
• Michigan Sales and Use Tax Certificate of Exemption (MI Form 3372, Rev. 03-16)

IRS

• 2015 IRS Pub 225, Farmers Tax Guide and support material
• Internal Revenue Service (IRS)
• IRS Pub 51, Agricultural Employer’s Tax Guide
• Affordable Care Act Tax Provisions

State of Michigan

• Michigan Tax Form, 1040CR Homestead Tax Form
• Michigan Tax Guide, CR Homestead Tax Credit Information
• Michigan  Tax Guide, CR5 Farm Land Preservation Credit Form
• Michigan Tax Guide CR5 Farm Land Preservation Information

Other

• University of Minnesota Farm Tax and Legal Issues Page
• Current Estate Tax Law (Univ. of Illinois Farmdocs Daily)
• Are CRP Payments Subject to SE Tax (Univ. of Illinois FarmDocs Daily)

Property Tax for Agricultural Qualified Property (Pop-Up Tax information)

• Information Summary about the Agricultural Property Taxation (the Pop-up Tax) (Kelsey, MSU)
• Information on Michigan R/E Transfer Tax (MSU Extension, Glenn Kole)
• Taxable Value or SEV? What Triggers A Transfer of Assessment to the Higher Figure (MSU Extension Newsletter, Glenn Kole)
• Transfers of Qualified Agricultural Property and Pop-up Tax Law Information Bulletin (MI Dept. of Treasury)
• Qualified Agricultural Property Exemption Guidleines (MI Dept. of Treasury)
• Affidavit Attesting that Qualified Agricultural Property Shall Remain Qualified Agriculutral Property Form 3676 (MI Dept. of Treasury)
• Claim for Farmland Exemption from Some School Operating Taxes Form 2599, P.A. 237 (MI Dept. of Treasury)