Timber

As a reputable accounting firm in West Alabama for over 100 years, JamisonMoneyFarmer PC has vast experience working with clients in the timber industry. We have made it our priority to assist our clients in understanding the complicated tax laws surrounding timber.

Understanding these laws is essential to optimizing our clients’ tax situation. We work with timber mills, timber managers, timber farmers and clients that hold timber for investment to make sure they are maximizing their deductions and classifying their timber income correctly. JMF offers tax planning, education seminars, consulting and various other services related to timber management and timber investments. Our experienced timber experts can keep you up to date on all timber-related law changes and make sure that you are optimizing your tax situation.

Our professionals can help you with the following:

• Classifying timber as personal, investment or business property
• Timber basis and depletion
• Tax treatment of cost-share payments
• Reforestation tax incentives
• Deduction of timber management expenses
• Tax treatment of timber sales
• Casualty losses on timber
• Installment Sales
• Depreciation, bonus depreciation and first-year expensing
• Income Averaging for Farmers

If you would like to learn more about our Timber CPAs, check out this podcast which covers many of the basics of Timber Tax.

Our Timber and Natural Resources practice group leader Orman Wilson talks with Rachel Taylor about most of the basics for owning timber land and how it is taxed. They touch on the most common ways to calculate your tax basis of land and timber, timber farming, a forestry management plan, and estate and inheritance strategies around timber. Orman has spoken to many Alabama land owner groups and foresters on various timber tax issues over the years. He brings a bunch of knowledge and a great sense of humor. They cover a lot of ground in this episode.