Local News

At least one U.S. Congressman is not supportive of Adjusted Gross Income limits for farms.  Representative Rodney Davis of Taylorville says it makes unneeded changes:

[audio:davisagi121013.mp3]comment here[/audio]

Adjusted Gross Income can directly impact the deductions and credits a farmer eligible for—which can wind up reducing the amount of taxable income they report on a tax return. Deductions include farm expenses, the cost of self-employed health insurance, one-half of the self-employment tax and contributions to retirement accounts. The Obama Administration supports lowering the AGI limit to $200,000. 

 
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