farming

Rural Taxes 101
3:57 pm
Fri March 23, 2012

Tax Advice for Farmers

Floods in 2011 and this year’s tornadoes could complicate the tax returns filed by Kentucky farmers.  For example, when farmers receive an insurance check for damaged crops, IRS spokesman Luis Garcia says they must claim that money as income.  And, if bad weather forces the early sale of livestock, Garcia says that income can sometimes be claimed on next year’s tax return.

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Regional Headlines
10:25 am
Tue February 7, 2012

Lawmakers Urge Inclusion of Tobacco in Free Trade Agreement

Kentucky lawmakers are protesting a current trade agreement that they say would hurt tobacco.

The U.S. is currently negotiating the Trans-Pacific Partnership Agreement, which includes countries like New Zealand, Peru and Vietnam. But the lawmakers say the proposal excludes tobacco protections.

At a news conference in Frankfort today, Democratic and Republican lawmakers urged President Barack Obama to add provisions for tobacco to the agreement.

Republican Agriculture Commissioner James Comer says including the crop will help Kentucky farmers.

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