Ep. 121 | Exploring Farm Tax Benefits and Strategies
Download MP3Welcome back to the Teaching Tax Flow podcast, everybody. Today, episode 121. As promised last episode, the little teaser we gave you, we are gonna look at farm tax and what that means for the agricultural business. So before we do that with our great guest who's joining us on this topic, let's take a brief moment and thank our episode sponsor. This podcast is brought to you by Strategic Associates.
Ad Read:Are you a high income earner, real estate investor, or successful entrepreneur who is frustrated by having to pay $75,000 or more of annual tax liability? If so, Strategic Associates can help. Your first step to saving 1,000, if not 100 of 1,000, is to contact Roger Roundy at roger@strategicag.net or by calling 801-641-2956, and be sure to tell them TTF sent you. Alright, everybody. Welcome back to the Teaching Tax Flow podcast.
John Tripolsky:Again, as you heard in the intro, you heard in the last show. If you didn't listen to the last one, you should. Go back after this one, of course. But I do have to give a little disclaimer here. We're gonna drop a lot of f bombs.
John Tripolsky:We're talking about farms. Oh. So I had to I had to get catchy with that one. But even really, why you're here. Right?
John Tripolsky:Why are you listening to this show? Kind of ask yourself that question kinda deep down. You know, why am I here? Why do I why am I listening to a a tax podcast that's talking about farms? Because you really wanna bring home the bacon.
John Tripolsky:Sorry. I couldn't help myself. It it had to be cheesy. And this may this episode may be completely packed with the cheesiest jokes. We're not gonna talk about where cheese comes from because it's so terrible.
Chris Picciurro:Farmer in Wisconsin there?
John Tripolsky:We're we're going Wisconsin maybe. But in all seriousness, this topic is super interesting to me, and, of course, it's interesting to Chris. And what really intrigues me more about this one too is I think for once out of a 120 plus episodes, I may may know more about this than Chris does. So without further ado, let's jump into it. Chris Pacquero, welcome back to the show, sir.
John Tripolsky:How are you doing today? Don't get cheesy on me. I'm great. And you know what? You have something in common with my dad.
John Tripolsky:Couple things.
Chris Picciurro:1, you have the same name. 2, when you say a joke, you're the only one that laughs at it.
John Tripolsky:Just like your last joke.
Chris Picciurro:And now I did. You know what?
John Tripolsky:I can you know, you are you forgetting, though, that I edit these things? I may add, like, a a Saturday nightlife crowd just dying laughing at the end of this. But even more than both of us put together, though, again, in all seriousness, we have to bring people on the show that know way more than we do. So who did you how how in the world actually did you find somebody, and then you can introduce them, that knows a lot about this and with taxes. Right?
John Tripolsky:Just not the operational side of running a farm.
Chris Picciurro:Well, John, it's, you know, it's a prestigious honor to be on the teaching tax flow podcast, and it's very rare someone comes back for a second round. And so we had to ask Kelly Bender to come back. She did an amazing job in a previous episode. She is a colleague of mine, does an amazing practice in Pennsylvania. And also, not only you know, we always say we have to
John Tripolsky:eat our own cooking which could be
Chris Picciurro:a farm reference also. Another, you know, another 4 letter f word, farm. But she and her husband have a farm. But she also has a has a ton of clients with farms. There are a lot of people because, out there, and this has been
John Tripolsky:a topic that we've been wanting to touch on, so we are very honored to have her back
Chris Picciurro:on the show. Kelly, welcome back.
Kelly Bender:Thanks, guys. I'm I'm happy to have a little bit of a moving conversation today.
Chris Picciurro:Oh, I like it. I like it.
John Tripolsky:It's always good when somebody else brings the jokes, Chris. It's not just me. See, maybe the problem's you on this. Maybe you just don't think they're funny.
Kelly Bender:But do they qualify as bad dad jokes if I make them? You know?
John Tripolsky:No. No. They just add credibility to this. But and, Kelly, this is super cool. Right?
John Tripolsky:Then and I would say if I had I in all transparency, I had no idea that you even knew about this. Let alone, you know I mean, obviously, farming is a business. And with any business comes tax obligations, right, and requirements, etcetera. So and this is great because we can just kinda shove Chris to the side a little bit. Right?
John Tripolsky:Like, he didn't even need to be here. We can exit him off of this. But, like, where where do we even start this conversation? I don't even know. Like, open up the fences for us here.
John Tripolsky:Open up the
Chris Picciurro:Yeah. What
John Tripolsky:are the candidates? I
Kelly Bender:mean Yeah.
Chris Picciurro:What qualifies?
Kelly Bender:You guys are really trying hard with these with these jokes, so I love it.
Chris Picciurro:We're scraping
John Tripolsky:the bottom of the pen.
Kelly Bender:That's it. Well, you know, sometimes you're gonna scrape a little shit. So
John Tripolsky:Exactly. It's true. It's true.
Kelly Bender:So, yeah, I I am, weirdly I'm I'm a you know, my husband's nickname is actually Onion. He's a man of many layers, and so interestingly enough, we have a couple layers in that, yeah, we, you know, run this, practice, and then, also, we live on a farm, and we raise, all of our own meat. So we sort of happened into the farming community, and then as we need to, I had to learn all the things about it. So, yeah, that's how we ended up here. And what the heck is a farm?
Kelly Bender:To just, like, break it down, Everybody kind of fits it into whatever that box is. They say, okay. You grow something, and a lot of people traditionally think of farms as, you know, we grow crops. Right? We grow hay and wheat, and you see the big tractors on the sides and and big farmland.
Kelly Bender:But in reality, a lot of people in the age of maybe homesteading and even during COVID, a lot of people wanted to be, like, you know, kind of backyard gardeners, may have started farms because a lot of people can have sort of backyard or urban farms, and those are actually really popular now. So it's an increasingly popular topic to sort of talk about, and the the word is broad. So farming basically is like having a farm is growing some level of pro of of a product that is not this is like the caveat. That's not then sort of manipulated for final consumption. So apples, farm.
Kelly Bender:Apple pie, schedule c. That's our big difference. Right? So, we're growing let like, raw product of some kind. One weird little exception is honey, because honey is like a product and it's the final product, so it's like the same thing.
Kelly Bender:But, yeah, that's a farm. So you are growing some level of product. We could be talking animals. We could be talking flowers, herbs, fruit, obviously, crops. That's like the big thing people think of.
Kelly Bender:Eggs. All of that would be considered a farm. Nice.
John Tripolsky:And it is wild too, Kelly. Like, I've been you know, being from Michigan and moving back, so I live in a small downtown but of a very rural area. And I think it shocks a lot of people how much you truly have to invest to have a successful farm, let alone the equipment is you know, makes a Lamborghini look cheap when it comes to that. So it's, and I'm not kidding. If anybody really wants to look that up, if you're not familiar with it, go try to buy a combine and see how much those are.
Kelly Bender:Yeah. Big, big, big costs in in equipment.
Chris Picciurro:We're yeah. Definitely, we wanna talk about some special rules for farmers. You mentioned schedule c for and so farmers in general, they're gonna file a schedule f, I believe. And but do are some farms? I know this sounds like they're like, partnerships or s corps or c corps also?
Kelly Bender:Yeah. The larger ones frequently are. Family farms are a lot of times, you know, partnerships in some way because there might be multiple generations that may own it, and so we do see a lot of partnerships in farms. And they have schedule f's, and then, it you know, you create that, and it transfers through to the individuals. So, yes, basically, all the farming activities get their own little caveat because of the schedule because there's some unique rules that sort of break, all of the other accounting rules and tax rules that we've come to know and love because of the unique nature of farming and anybody that spent any amount of time doing any level of farming.
Kelly Bender:You mentioned expensive, but the other thing, which is just farming we say farming is an analogy to everything. Farming takes a ton of time. And so it's not unusual for farmers to, of course, plant seeds in the ground and then wait and wait a long time, sometimes over years to, you know, generate. I mean, the average fruit tree takes, like, 3 to 5 years to,
Chris Picciurro:you
Kelly Bender:know, bear fruit. So you have a lot of time involved, heavy investments on the beginning, time involved, and so you get some special rules because of that.
Chris Picciurro:So let's talk about some of the rules. Let's assume someone is filing on a schedule f. So it's a it's a either a married couple or one of the you know, someone could be single. Let's start talking about, do they what's their accounting method like? I mean, most people are what are called cash basis taxpayers.
Chris Picciurro:Can you talk a little bit about accounting method? And I know there are some special rules with income recognition.
Kelly Bender:Yeah. So the unique thing about farms is they're just definitely definitely generally cash basis taxpayers. However, what happens a lot of times is you may have, like, production of a, product that you don't take possession of the payment for for a period of time because, again, with farming, there's always some big time gaps. So with farming, you really don't have to recognize that income until you take possession of it, even if perhaps the crop was produced at an earlier time, which is a little bit different than income recognitions that we normally look at, for, you know, other businesses. And then, you know, the other thing that comes into play with income and timing and expenses and revenue recognitions is that when you have, say, like fertilizer, which is a common right, I may put fertilizer in the ground, but then I don't recognize the benefit of that for, say, 2 years.
Kelly Bender:I can actually take the expense for when I put it on the on the production of the, you know, of the ground, even though I may not take the income thing for 2 more years. And so you can sort of disconnect, which is just one of those concepts that when we're in, you know, normal business world, we, of course, kind of have to match those things together. And farming, you don't because, again, there's this big time issue.
Chris Picciurro:Now in in how about income? I I you know, a lot of people have thrown around the term that you can you can income average. Obviously, farming is very dependent on factors beyond our control, weather being one of them, probably the biggest one. But, yeah, what, is there income averaging available to farmers?
Kelly Bender:Yeah. There is. Right? This is, like, a super cool thing because we've never really get to do that with normal businesses. So because sometimes, yeah, weather plays a factor, you know, droughts and floods, and who knows?
Kelly Bender:Like, all the different things that happen with farming, or maybe just longevity, you can income average over over multiple years, 3 years usually here. And so if you have, like, a spike year, you can sort of go back and look and see, hey. If I was in a 12% bracket for years 12, and then in year 3, I bumped up into 22%, I can go back and grab the rest of that, 12% bracket and, you know, kind of average out the tax burden to because because, again, it's sort of like maybe was a timing issue and you
Chris Picciurro:Right. Had
Kelly Bender:you know, it's just it's just really disconnected. Now it's, of course, exact much more complex topic than that, but nobody wants to fall asleep on this. But, yeah, the big thing is you can income average with farms, which is huge.
Chris Picciurro:Let me ask this. Then if let's assume you make an income averaging elect I assume it's some type of election. Do you have do you go back and amend your previous returns, or do you take a look at the AGIs on those years and just kinda calculate? And almost like in that situation where someone gets a lump sum social secure social security amount and you can look back at previous years. So can someone can ultimately look back in in in their last couple years and and in other words, that adjustment's made on the
John Tripolsky:current year return. You don't have to go back
Chris Picciurro:and amend returns. That's that's
Kelly Bender:correct. Yes. That's exactly correct. Yeah. So we're not, like, going back and amending priors.
Kelly Bender:We're fixing that all year this year.
Chris Picciurro:Oh, wow. Mhmm. Yeah. I mean, there's a lot of planning opportunity there then, obviously.
Kelly Bender:It can. Yeah. So couple things have to come into play. You kinda have to, you you do have to, you know, fall into some certain categories. So most of the time, this applies to people who we qualify as, you know, sort of true
John Tripolsky:I I
Kelly Bender:don't know if it's a technical term, but qualifying farmers. And that generally means these are individuals who greater than 2 thirds of their income is actually derived from farming activities. And so it does prevent, you know, sort of the hobby farmers, which do get some of the benefits. But if, you know, say, I have a corporate job and then I just happen to have a little hobby farm, I'm probably not gonna be able to take, advantage of that. So you do have to kinda meet some standards to get that
Chris Picciurro:qualification. Gotcha. And then, you know, how's and is inventory handled differently than maybe, like, a retail business at all, or is it similar?
Kelly Bender:So, you know, inventory in a farm is a little weird. Right? Like, I don't know. You don't you don't really have to do it. Now as I always say, just because you don't have to do something, maybe doesn't mean you shouldn't.
Kelly Bender:But you don't have to track inventory. You can really go on this real true sort of basic cash basis situation when you're looking at farming for for most average farms. And so you're not really having to, like, track in or inventories. You don't have to keep track of what's, you know, sort of sitting on your shelf. Essentially, if you buy it, it's an expense.
Kelly Bender:If you sell it, it's income whenever that is.
John Tripolsky:They must have realized that if they did really keep track of it, your inventory, if you're in livestock, could potentially just get up and walk out of walk out of dodge, then you got a shrinkage problem, I guess. Right? Like, then well, anyways, I I I I couldn't help myself. I I had to
Chris Picciurro:I mean, what if you what if you are I mean, in Michigan, it's well known for apple production. I know Washington's probably number 1. But, you know, what happens if you have a great crop of apples? But by January, it could be you I mean, there's a lot of spoilage. Right?
Chris Picciurro:There's a lot of there's a lot of those type things and, but I guess inventory, I get it depends on, I guess, what you're farming. You know, what the useful life of the of the product is. So Right.
Kelly Bender:So for that reason, we just kinda throw it all out the door with farming.
Chris Picciurro:Yeah. No. That's that's that's good. That's real I mean, it makes it makes life a little easier. And I'm sure with farmers, there are some special rules with, you know, home office deduction, and also deductions associated with, you know, with with their land.
Chris Picciurro:Right? I mean, if if you've got I imagine there's a there could be a primary home on a property and then acres of of farmland. That's gotta you know, what what kinda because because you really don't have that, you know, the the home office of the 8829. I don't know. I shouldn't try to memorize this.
Chris Picciurro:Typically, if you have a home office deduction in your schedule c filer, that just gets attached to your to your return. But if you're a farmer, you've gotta kinda figure out figure that out. What are some tips you can give someone?
Kelly Bender:Yeah. You know, so the cool thing is if you're a farmer, you can still take the home office deduction, and I always encourage them to do that. So it's there. It's still available as a home op you can still take the home office, and a lot of farmers really do have very legitimate home offices. Sometimes they, you know, have people come right to the house to buy the products.
Kelly Bender:They might have a farm stand on the corner of the property, things like that. So they definitely have a lot of legitimacy for home office. It doesn't, you get the deduction, but usually, it's gonna be, I think, in, like, an other expense section, and then you just say kind of add it add a statement for see statement for home office. But, yes, you do get a home office deduction for a farm, so that's kinda cool. Mentioning you kinda mentioned, like, we were talking about inventories and livestock.
Kelly Bender:So there's some unique rules for livestock loss as well because if you think about it, there's a couple different ways that you can look at what happens. So there's, like, different there's this whole and same thing. I don't have all these memorized, but, like, there's all these rules for, you know, whether the animal was, like, born on farm or whether you brought it in, but then what happens if it dies? And, you know, so, again, you have to think about all of those things. And so that it just, you know, kind of adds up, and believe it or not, there's a lot of keeping track.
Kelly Bender:Like, my husband does all the calculations for everything. He now, of course, he's an accountant, so he does think like 1. But, I mean, he has spreadsheets for, like, every, you know, date that an animal is born, and so then we, you know, have it tracked and numbers so that you kind of know how many you should have. And then if somebody dies and because it's like, unfortunately, that's just what way of life in farming is that, not everybody makes it. And so, yeah, like, the all of these different things, you do have to kinda keep track of that in order to make sure that you get all the deductions.
Chris Picciurro:That's a great so, Mike, yeah, here's here's a so as far as livestock. Right? It it's obviously, if it's born on your property, that's one thing. But if you were to acquire it, are there rules for the appreciation, you know, any special considerations for that too?
Kelly Bender:Yeah. There are. So right? Because, like, you're right. If it's born on your farm, there's no there's no cost basis in it.
Kelly Bender:You're like, you got a freebie. Right?
Chris Picciurro:Yep.
Kelly Bender:But yeah. So it's whether or not you can write it off, like, when you if you brought him in Lynn, whether you're gonna hold it then for production, and things like that, or whether, you know, it was born on farm. It doesn't have any cost basis, and those kinds of things. So, yeah, it's it's definitely, right, unique, super unique because it's not like you're just you know, you have to think about everything a little bit a little bit differently.
Chris Picciurro:Right. So if you're if you bring in a cow, I mean, that's a fixed asset. I mean, this might sound like a really stupid question. So so, you know, if you bring in a do, like, do the do the do the de minimis safe harbor rules apply to to I wonder I wonder if they do. So think about but no a cow is gonna be more than $25100, I assume.
Kelly Bender:Yeah.
Chris Picciurro:I'm trying to think.
John Tripolsky:It's a
Kelly Bender:good question. Crap. Chris, you stumped me. I don't know if it fall I don't
Chris Picciurro:No. Okay. I it's a
John Tripolsky:I can't even think of a joke around this one. I was trying
Kelly Bender:to think of some I don't know.
Chris Picciurro:Don't have a cow over it. No. I mean, I'm just thinking, so you've got you bring in these in livestock. If they're for production, they're depreciable, but that also gives farmers a lot of opportunity to potentially use bonus depreciation, elect out a bonus depreciation. There's a lot of and when we think about, you know, about our practices in high end having a real estate, but the tax cuts and jobs act, it's really gonna affect farmers' bonus depreciation.
Kelly Bender:Yeah. So one one big thing outside of animals, but the biggest reason for farmers that has, like, a bunch, you know, of kind of real benefits for a lot of people is really in and, John, you mentioned earlier. This equipment is monstrously expensive. And so and, you know, a tractor or even a base level tractor, every stinking implement, you gotta add add on the back on the, you know, hitches, and everything has a pretty big cost because it has to be usually much heavier duty and all of that. So depreciation is a really big factor for farmers, and, of course, we can utilize all the traditional things.
Kelly Bender:So we can utilize, you know, 179 or bonus, but there's a unique situation, and I wanna make sure I say it right. So if you have the if you've got yeah. So when you have business use of a farm vehicle, okay, so it's like another unique one. So, you know, when we talk about cars, we're always like documentation, documentation. You have to have it.
Kelly Bender:Farmers can deduct 75% of their farm vehicle expenses as qualified business expenses without business record substantiation.
Chris Picciurro:Nice.
Kelly Bender:I know.
Chris Picciurro:I have a question. You've that that's a good no. That's a really nice benefit.
Kelly Bender:Mhmm.
Chris Picciurro:Wow. And then and, you know, it's interesting though because you're thinking of schedule c, schedule f. Well, the advantage of schedule f is something like that and some of the unique rules, right, that that you're getting on a schedule f instead of a schedule c. And now our farmers in general I mean, most I haven't seen too many schedule offs, and I haven't seen too many schedule offs with a net profit. So let's put it that way.
Chris Picciurro:But let's say and they could be making money, but they just have deduction. I mean, they have equipment. They have livestock. Is that something to self employment tax, like, if you're if you're actively participating?
Kelly Bender:It generally is. But one of the other cool things about farmers is that if you're, where I said that qualifying farmer. Right? So if you have 2 thirds of your income generated from farming activities, then you can actually take advantage of a super unique estimated tax situation that is going to allow you to not have to make all of your estimated taxes. So, you know, everybody is self employed.
Kelly Bender:We all have to make 4 a year, and, you know, we love that, right, 4 times a year. You get a special rule with, if 2 thirds of your income is coming from farming, you can make 1.
Chris Picciurro:Oh, that's nice.
Kelly Bender:So that's kinda cool. And it's either 15 days after the close of the year for an estimate or all of the tax by, I wanna say I wanna say it's March 1st Mhmm. For the whole year prior. Wow. So it's sort of a helpful thing also for going back to where you know, farming requires a lot of cash, and there's a frequently really big time lags between production and realizing the income and things like that.
Kelly Bender:So this is just another way that helps, like, smooth the situation where instead of having to, like, part with 4 payments a year where you might only be producing a crop that harvests once a year, you can just figure it out and pay your task once Right. If you qualify as a in that in that role. So that's kinda cool.
Chris Picciurro:Wow. Now do the typical hobby loss rules apply to farming? Or because, you know, because it seems like there's so much time goes into farming and it seems like losses you know, it's very common for a farmer to have a loss even if it's making money due to the capital the the intense cash intensive nature of it.
Kelly Bender:Yeah. So, I mean, it kinda falls into production. You know, if you're endeavoring in a business producing situation, you know, you're going after income, then even though you might have losses, you're not gonna get hung up, yeah, in, like, in loss situations out there. So that is super common to see. You know, you have to be actively trying to produce income, which, again, with farming activities, you're usually looking at this over a long term.
Kelly Bender:So I, you know, I mentioned fruit trees. Mhmm. Tree tree farming is gonna take a long time to produce a crop. Right? Just because the nature of trees, you know, like, they don't grow overnight.
Kelly Bender:So
Chris Picciurro:Right.
Kelly Bender:You're not gonna run into those same situations because you are doing something in that pursuit, and you may just not be able to harvest for a very long period time.
Chris Picciurro:Right. It could be years years that you're putting into the into that, and it's just gonna take a and it's that's it could be there's no guarantees.
Kelly Bender:Yeah. So I mean, the average cow for us, because we raise grass fed, is two and a half years to slaughter.
Chris Picciurro:Wow. So then for you guys like, in your farm, you are producing a cow, and then are you selling the meat, obviously? Are you selling, like, whole cows, half cows to families and and that sort of
Kelly Bender:stuff? Yeah. So we sell like, we raise cows and pigs and chickens and eggs and, yeah, then we have some other, like, smaller stuff, but, some flowers, herbs, things like that. So, yeah, like, an instance of a cow, we would sell either, like, a half cow to a family, or we take it to a processor that will, cut it into smaller cuts, and then we actually sell it to, like, an online farmers or we do through to customers through an online farmers market.
Chris Picciurro:Wow. Well, that's cool.
Kelly Bender:Yeah. Buy the cut, but that's real specific. So in our state, like, you have to take it. You can't produce the or you can't, kill the animal on farm. You have to take it to, a USDA, like, observed facility and have it packaged and, like, it has to fall into certain kinda weird rules.
Kelly Bender:But, yeah,
John Tripolsky:that depends. You'll you'll have to give us any links too where you guys sell product at. We'll put it in the show notes if you guys ship.
Kelly Bender:Yeah. So you put it, you know, online. But, yeah, there's so there's, like, a there's just a lot when you think about it that's with that's super different about farms and, know, but it's fun because a lot of people who are doing farming are usually not doing it for the money. They enjoy the, freedom and, you know, adventure of, figuring out where the food came from. And, it's hard work, but it's very rewarding.
Chris Picciurro:Final question, I promise. So so, obviously, we talked about schedule f, some of the unique income recognition rules and expenses and estimated tax payments. Are there any other tax benefits that aren't income tax related that farmers might enjoy? For instance, is there is there typically, are you gonna see lower property taxes or capped property taxes, agricultural, exemption from sales tax, or any other things that you've seen that, farmers enjoy a benefit of?
Kelly Bender:Sometimes. Yeah. Depending on the localities, you definitely can have some, you know, kind of homestead or farmstead exclusions on their, you know, on their property taxes. Depending on certain states, they're gonna be obviously more favorable to even the tax structures in state tax law, depending on whether they're trying to incentivize farmers. There's the farming world runs into there's actually a lot of things with, like, grants and tax credits, like, at the state level.
Kelly Bender:So, like, our state, for instance, has, like, a beginning farmer credit that incentivizes the selling farmer, selling to a new beginning farmer and incentivizes them by reducing the tax that they pay on that sale by selling it to a beginning farmer. So
Chris Picciurro:Oh, nice.
Kelly Bender:You know, there's some, like, unique you have to, like you know, and there's programs you can apply to, but there's a lot of programs. I will say the most daunting part that we've encountered from a farm perspective is that there's so much that it's like, it could be a full time job learning it. So, you know, local USDA, like, resource centers, they're they're in every community, are a great place to start. Like, we that's where we kinda went and just started asking a bunch of questions because we were like, what do we not know?
Chris Picciurro:Right. Right. And and I know there's right. From what I recall is is in my limited CPE in learning about farming is that there's also some subsidies available. Because a farmer, a lot of times, they they have to rotate crops along their line, or they would have to, like, let a certain piece of their property rest, for lack of better term, and not farm on it.
Chris Picciurro:And there are some subsidies available for that as well. So
Kelly Bender:Mhmm. And then there's, like, things like crop insurance
Chris Picciurro:Oh.
Kelly Bender:Which is, like, a real unique thing. And so you have crop insurance. So you a lot of farmers who do a lot of crops, they'll take crop insurance out, and then they they get paid, though, crop insurance, but that's another one. It's actually a tax like, if you received it, then it's a taxable income.
John Tripolsky:Right.
Kelly Bender:Wow.
John Tripolsky:So, you
Kelly Bender:know, it's it's like there's a lot of different, moving parts that happen with the farms.
John Tripolsky:Wow. Well well, Chris, how do you feel about this? Do you feel like you got a like, you went back to school
Chris Picciurro:today? Absolutely.
John Tripolsky:I feel good.
Kelly Bender:Are you moving to a farm?
Chris Picciurro:No. No. I would it would be an urban farm. No. But, you know, I I have I'm I'm very intrigued by it.
Chris Picciurro:I do have a friend that owns a farm, and he he had a barn on it. And he ended up building a indoor pickleball court on the in the in the barn. So
Kelly Bender:Oh, good grief.
Chris Picciurro:That farm I visit a a decent amount of times.
John Tripolsky:He always finds a way to bring pickleball into this.
Kelly Bender:I was just gonna say that, John, only because I know him. I'm like, I can't believe that you just took a farm, a podcast about farming and found a way to bring in pickleball.
Chris Picciurro:You know what? Shock you. It had to happen. But, no, this has been amazing. And and if you, you know, if you're a if you are a farmer and have questions about your tax return or any, I would definitely reach out to Kelly.
Chris Picciurro:I know that I've I've meant to say this in the beginning. Congratulations to you and your team. You just opened up a brand new office, and can you tell us a little bit about that? And and I'm sure I know you guys are all excited.
Kelly Bender:Yeah. I mean, it's pretty cool. We did. We about a year ago, we've been outgrowing our space for a couple years. About a year ago, we found an amazing, old church that is literally about a quarter mile from our old, from our old, very traditional accounting office office location.
Kelly Bender:And so I saw a real cool vision, when I walked into it, and we just had a big grand opening. We renovated the whole thing, turned into this crazy, unique, open air office space with original stained glass windows that are a 100 years old and original pinewood floors and just, like, a super cool cool vibe, and we kicked off with our grand opening, like, literally just last night. So, yeah, just, jokingly like the church of money. So
John Tripolsky:Oh, I was gonna call it
Chris Picciurro:the holy grail attacks, but I I like the I like your your name for it.
John Tripolsky:And so here here's a question for you before we completely wrap this up, and I'll pose it to either one of you. Right? Let's see if you know the answer to this one. So how do dairy farmers do their taxes? Any ideas?
John Tripolsky:It's not a serious question, by the way. There's a discla Who do they go to?
Kelly Bender:There's a pun somewhere in here, and I don't
Chris Picciurro:know what they say. Dairy ball, it's gotta be either somewhat they they they something about counting their cheese. I don't know. Or their cheddar.
Kelly Bender:Get out of them.
Chris Picciurro:Or they yeah. They milk out as many deductions as possible.
John Tripolsky:You know what? That's actually better than the one so I was gonna say they literally just go to an account tint. Right? But I like the milking out the deductions. Yep.
John Tripolsky:What? See?
Chris Picciurro:Counting their cheddar, baby.
John Tripolsky:It's time to time to retire. It's time to go into improv, buddy. Let's do it. But, anyways, well, Kelly, we will release you from this, pen of torture probably for for joining us. Oh, yeah.
John Tripolsky:The slaughterhouse on here.
Chris Picciurro:Podcast here.
John Tripolsky:There you go. And, Chris, I think we've yeah. I think we may have literally just, like, pun intended. Kinda slaughtered our chances of having her back for a third time. So, you know, we'll, we'll just take advantage of this while we can.
John Tripolsky:But, honestly, Kelly, thank you thank you for joining us on this, but thanks for having some fun with us too. This was awesome.
Kelly Bender:We didn't drop nearly as many f bombs as I thought we would.
John Tripolsky:No. You know what? I'll I'll go through the transcript. I bet you I can find a lot of them hidden in there. But this this was really cool.
John Tripolsky:It was, honestly, it was it was great to, you know, all comedy aside, to really dive into this and see. Because it is really, at the end of the day, right, it is a business, and it's one that you know, unless you're in it, you probably don't know exactly all that goes into it. And I almost guarantee that some people that I'm thinking of, not necessarily in the town that I live in, but they do have farms, and they probably don't even know all this. So, you know, maybe they don't take advantage of all this stuff. So we we appreciate the insight.
Kelly Bender:Thanks, guys. It was fun.
John Tripolsky:Alrighty. Well, go go enjoy the new church slash office that you have there. And for anybody that's listening or watching this, we are going to embark on a 3 part series starting next week. I won't tell you everything about it, but we're calling it our ACE series. So ACE, it's an acronym for something somewhat, but you'll find out pretty soon.
Chris Picciurro:So as
John Tripolsky:we always close out with, we'll see everybody back here again next week, roughly different time, completely different topic on the Teaching Tax Flow podcast.
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