Social Security taxes are a major and growing expense of operating a farm business. Self-employed farmers and family farm workers have some flexibility in managing cash income subject to Social Security. A basic understanding of Social Security benefits as well as costs is required to make a...

Transferring farm property from the Senior to the Junior farm family generation with conventional methods such as sales and debt transfer can cause tax traps or burdens. The most serious tax traps and related problems occur when the farm business being transferred has high debt and is below...