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NMA + Co

Name: NMA + Co
Address: 111 E 2nd Street, Kimball, NE, 69145, US
Telephone: +13083710257

Working with entrepreneurs and business owners to preserve wealth with proactive tax strategies.

08/25/2026

Farm tax planning often focuses on ways to reduce taxable income. But there are years when intentionally recognizing additional income can make sense.

If your farm has had a lower-income year, you may have deductions or lower tax brackets that would otherwise go unused. Certain tax elections can give you flexibility to recognize income now while preserving deductions or depreciation for future years.

Depending on your situation, that could mean reviewing:

• Installment sale elections
• Bonus depreciation
• Section 179 deductions
• Depreciation methods
• Elective deductions and income deferrals
• Retirement contributions

There are also important considerations. Additional Schedule F income can create self-employment tax, and increasing income can affect other areas of your tax return, including certain credits, deductions and farm program considerations.

The takeaway? Good tax planning isn't always about getting your income as low as possible. It's about finding the right balance for the current year and the years ahead.

If you're looking at a lower-income farm year, now is a good time to start modeling your options before tax filing deadlines arrive.

08/19/2026

USDA has released additional guidance on the new FSA payment limitation rules.

Here are a few key updates producers should know:

• ARC & PLC payment limits: $160,000 for 2025 and $164,000 for 2026
• AGI certifications: CPAs and tax attorneys can allocate income between spouses for Married Filing Joint returns when determining AGI, including the 75% farm AGI test. Enrolled Agents may also certify the test, with limitations for Married Filing Separate returns.
• New entity reporting: FSA will be using Form CCC-902EP to collect entity information.
One important reminder: 2023–2025 assistance programs, including SDRP and specialty crop programs, remain subject to the previous entity payment rules.

If you receive FSA payments, make sure you understand which rules apply to your operation and keep your entity and AGI information up to date.

08/10/2026

Do your kids work on the farm? Putting them on the payroll could offer valuable tax benefits.

If your children regularly help with farm operations, paying them for legitimate work can be a smart piece of your family’s overall tax strategy.

For qualifying sole proprietorships and certain partnerships, wages paid to children under 18 may be exempt from Social Security and Medicare taxes. Wages paid to children under 21 may also be exempt from federal unemployment tax.

There may be an income tax benefit as well. For 2026, the standard deduction is $16,100. Depending on individual circumstances, this means a child with earned income may owe little or no federal income tax.

These benefits can extend beyond the current year. Earned income can let your child contribute to a Roth IRA, allowing them to start building tax-free retirement savings at a young age.

There are a few important rules to keep in mind:
- The work must be legitimate and age-appropriate
- Compensation should be reasonable for the work performed
- Keep accurate time and payroll records
- Proper payroll reporting, including filing a Form W-2, is required
- The tax treatment depends on your business structure. Corporations and partnerships with a partner who is not the child’s parent are subject to different rules.

If your kids are already helping around the farm, it may be worth taking a closer look at whether putting them on payroll makes sense for your operation.

Contact our office to discuss if this strategy could work for your farm and family.

08/04/2026

Did your ECAP payment hit the $125,000 limit?

If so, don't assume that's all you're eligible to receive. Some producers may qualify for additional ECAP payments, but Form CCC-943 must be filed by August 17 to be considered.

Here are a few important things to know:
• Eligibility is based on gross farm income, not adjusted gross income (AGI).
• A CPA, attorney, or enrolled agent must certify the form.
• Equipment sales and other factors may affect eligibility, making it worthwhile to review your situation.

If your payment reached the cap, now is the time to ask questions. Waiting until after August 17 could mean missing out on additional funds.

Contact our office this week if you'd like us to help determine whether you qualify.

02/06/2026

With strict rules and limited tax benefits, Trump accounts aren’t right for every family—particularly if they’re not eligible for government or private seed contributions. They're likely best used alongside existing accounts.

I made a chart to compare how they stack up against other accounts. Here you go.

Link to article with more info here:
https://www.forbes.com/sites/kellyphillipserb/2026/01/30/is-a-trump-account-the-right-savings-plan-for-your-children/

01/27/2026

Selling your business. Passing it on. Or stepping back someday.

Most business owners know what they want to do. Few know how to do it with a well thought out tax strategy.

The biggest mistake we see? Waiting too long to plan.

Whether you’re:
• Looking toward retirement
• Hoping to pass the business to family or key employees
• Considering selling but unsure what it’s worth

The smartest transitions usually start 5+ years in advance.

A strategic CPA can help:
• Increase business value before a sale
• Identify key players in a smooth transition
• Structure the exit to minimize tax consequences
• Align the plan with your long-term goals and cash flow needs

An exit strategy isn’t about leaving tomorrow.
It’s about protecting what you’ve built.

If transitioning or exiting your business is even a future thought, it’s worth starting the conversation now.

01/05/2026

1099 season is here, and one of the most common filing mistakes we see is using the wrong form.

If you paid independent contractors, freelancers, or service providers during the year, Form 1099-NEC is typically required when payments total $600 or more.

Form 1099-MISC is still used, but it generally applies to things like rent, royalties, and certain legal payments — not contractor services.

📌 Filing deadline: February 2

Taking a few minutes to confirm which form applies can help avoid IRS notices and penalties later.

If you have questions, it’s always better to check before you file.

12/29/2025

If you paid someone for services in 2024 and they weren’t on payroll, this is your reminder to think about 1099s.

In general, a business or rental owner may need to file a 1099 if they paid a non-employee $600 or more for services and paid by check, cash, or ACH. One of the most common areas of confusion we see is how someone was paid. Payments made by credit card or third-party platforms like PayPal are usually reported elsewhere, while direct payments are typically the payer’s responsibility.

It’s also easy to miss 1099s for contractors, consultants, maintenance or repair services, property-related work, and seasonal or farm labor. A quick review of payments now can help avoid corrections or notices later.

Recipient copies are due by February 2, so now is a good time to double-check who should receive one. If you’re unsure whether a payment requires a 1099, asking early is always easier than fixing it later.

Address

111 E 2nd Street
Kimball, NE
69145

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 12pm

Telephone

+13083710257

Website

http://www.nmacpallc.com/

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