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CGM CPA & Advisors

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CGM CPA & Advisors

CGM CPA & Advisors offers tax, accounting, and advisory services.

With a physical office in Linn, MO and the ability to serve clients remotely, we combine personal service with a modern client experience.

03/10/2026

Let’s talk cattle sales on this tax Tuesday! Most farmers think they just need to report how much they have in cattle sales on the tax return each year… if only it were that easy 🫣

Sales of cattle go into 1 of 4 buckets:
🪣 Feeder calves- taxed at regular income tax rates + self-employment tax (an extra 15.3% tax)
🪣 Culled bulls & heifers under 2 years old- taxed at regular income tax rates but no self-employment tax
🪣 Raised cattle over 2 years old- taxed at lower capital gains tax rates
🪣 Cattle previously bought- usually taxed at regular rates, sometime at capital gains

If you aren’t giving your CPA details about your cattle sales, and they aren’t asking questions, you are probably paying more taxes than you should!

02/17/2026

We often get asked, "my farm hasn't ever shown a profit, is that a red flag?"

Maybe 🤷‍♂️ But the IRS just lost a $2 million court case that can help you answer that question!

✏️ Facts of the case: a farmer from Texas deducted farm expenses of over $2 million from 2017-2022 and only showed income of $25,784. The IRS audited the taxpayer and found the farm to be considered a "hobby" (meaning you cannot deduct any losses). The taxpayer appealed to tax court who found:

📝 The taxpayer treated the farm like a business: Kept detailed records, used a separate bank account for the farm, and reviewed financial statements.

🧑‍🌾 The taxpayer knew what he was doing: He had experience farming along with a college degree for it.

⏰ He spent a lot of hours farming: The taxpayer had a work log, showing almost all his time on the farm was spent working and he had very little time on the farm for recreation.

So, what should you do to ensure your farm is not just a hobby?

1️⃣ Treat it like a real business! Keep good records and keep a separate farm bank account.

2️⃣ Log what you do on the farm: The IRS hates seeing anyone having fun on their farm. You need to prove you are truly working rather than hunting or riding horses.

3️⃣ Have a path to profit: if the farm isn’t profitable yet, what will be changing in the future to make it profitable, besides the value of the land increasing?

01/16/2026

Were you paid any overtime last year? Here are 3 things you need to know about the new overtime deduction for your 2025 tax return!

1️⃣ Make sure your overtime actually qualifies! The overtime pay must be required by the Fair Labor Standards Act. There are some professions, such as farming and law enforcement, that have different overtime rules. Other groups of workers, like labor unions, might get paid a different overtime rate in excess of time-and-a-half. Or they might get overtime hours after only working 30 or 35 hours. In these instances, only some of the overtime will qualify for the deduction!

⚠️ Bottom line: Only FLSA-required overtime counts. For most workers, that's hours worked above 40 per week, up to time-and-a-half. For some other professions, the rules will differ.

2️⃣ Your employer is not required to show the amount of overtime paid on your W-2❗️Many employers may still decide to report overtime on the W-2; others will give a separate statement of overtime worked, or... nothing at all... If nothing else, it's a good idea to give your CPA your last paystub so they can verify the year-to-date overtime.

3️⃣ Remember that even with qualifying overtime, your deduction will only be the premium paid on your overtime hours.
✏️ Example: if you are paid $20 per hour, only the extra $10 time-and-a-half premium is possibly deductible, not $30 per hour.

01/02/2026

New Year, New Office 🥳

We are excited to announce that our office has moved to a new location:
1004 E Main Street in Linn, next to Horton Auto Sales.

The new location gives us a chance to better serve our growing client list, just in time for tax season!

12/30/2025

Happy last Tax Tuesday of 2025! With just two days left in the year, there are still a few ways you can lower your tax bill for this year- but you may have to act fast!

📉Loss harvesting: It was another great year for stocks, but if you have any loser stocks you've been hanging onto, there is still time to sell them and create a tax deduction in 2025. Just be sure not to repurchase that same stock within 30 days. If you have any cryptocurrency, you can also harvest those losses, and you can repurchase the crypto immediately!

🚛 Business purchases: If you own a business or a farm, it still isn't too late to purchase equipment, vehicles, cows, etc. and get a deduction on your 2025 tax return. Thanks to the Big Beautiful Bill, we can fully accelerate the depreciation of almost all equipment and trucks to the year of purchase.

🌽Prepaid expenses: Farmers are able to prepay for inputs like fertilizer, feed, or seed and deduct the expense in the year of payment. This benefit is only granted to farmers! There must also be a valid business reason for the prepayment, such as locking in a price for the goods or guaranteeing future availability. It cannot simply be a payment on account.

👷Overtime deduction: If you worked any overtime in 2025, hold onto your last paystub or ask for a document from your employer showing how much overtime pay you received in 2025. Employers are NOT required to separately report overtime pay on your W-2, so you may need other documentation to calculate your deduction!

12/03/2025

Trump Accounts were one of the hottest topics in the Big Beautiful Bill this summer... and yesterday the IRS gave us way more info on these accounts! Here is how these accounts will work:

💵 Trump Accounts are basically treated like retirement accounts for children. Starting 7/4/2026, up to $5,000 per year can go into the account. Children born between 1/1/25 and 12/31/28 will be eligible for a $1,000 seed fund into their Trump Account from the government!

🚨 Employers will be allowed to contribute $2,500 to Trump Accounts of any employees' children as a tax-free employee benefit!

🔒 Once the money is in the Trump Account, it is locked up until the year the child turns 18... before then, distributions can only come if too much was put in to begin with, or if the child passes away.

📈 During the "growth period" of the fund (when the child is under 18), the fund can only be invested in low-cost mutual funds or ETFs.

But once the child turns 18, they can use the account funds to pay for a few life events such as going to college, buying their first home, and the birth of a child. They are subject to the same early withdrawal penalty as an IRA, so the money is not totally unlocked until they are 59.5❗️

Once the beneficiary pulls money out of the fund, they will only pay tax on the growth of the fund and any amounts that were put in by their parent's employers.

Trump Accounts are an option parents should consider, especially for S Corp business owners. For some taxpayers, though, the 529 plans might still make more sense!

11/25/2025

Happy Tax Tuesday! As open enrollment season comes to an end, this is your reminder to consider signing up for your workplace Dependent Care FSA! These have gotten a big upgrade in 2026 📈

You can now contribute up to $7,500 in these savings accounts for daycare costs, 50% more than in 2025! And we all know how easy it is to rack up $7,500 of daycare expenses 😬 These plans save the average family between $1,500 and $2,600!

If you do not use these FSA plans, you can still get a daycare credit on your tax return, which were also upgraded for 2026! But the savings do vary👇

Let's take a family making $150,000 with 1 child in daycare. The credit will yield that family $1,050, but the FSA would have saved them around $2,590!

The numbers do get closer if you have 2+ kids in daycare. A family making $120,000 with 2 kids in daycare are eligible for a credit of up to $2,100, but would only save around $1,800 by using the FSA plan.

Since everyone's situation is different, be sure to check with your CPA to see which option is best for you!

10/28/2025

With just 64 days until the end of the year and cattle prices still near all-time highs, if you're a farmer you might (for the first time ever) be sweating next tax season 🥵

Luckily, the Big Beautiful Bill has some great tax breaks for farmers!

🚜 The biggest break is a return to full "bonus" depreciation. Translated for farmers, anything (except land) bought in 2025 can be fully deducted! From tractors to heifers to hay barns, we can deduct all of it and get an immediate tax break!

🧑‍🌾 Farmers that sold any land to other farmers may be able to spread the tax on that sale over 4 years. Specific requirements must be met to qualify, but this new provision gives farm sellers the chance to defer some taxes without having to invest in a new property.

👈 And don't sleep on the tax planning ideas that have always been in place! Prepaying for inputs like fertilizer or feed move deductions up from 2026 to 2025.

👉 We can also move income back to 2026 using "deferred payment contracts." These contracts allow you to sell your cattle, hogs, turkeys, grain, etc. during the end of 2025, get paid by the purchaser in early 2026 for the commodities, and defer paying tax on those sales for an entire year.

10/21/2025

We finally have some more info on Trump's "No Tax on Tips" deduction! The IRS has given us a list of qualifying occupations plus some rules we have to play by to get the deduction...

What occupations qualify? Well, a lot of them... the IRS found 70 that count, which include:

🧑‍🍳 All types of food service workers
🛎️ Hotel employees and housekeepers
🧑‍🌾 Home maintenance: lawncare, plumbers, electricians, appliance installers, cleaning services, etc.
🎥 Photographers, videographers, DJs, event planners
💇‍♀️ Personal service workers: from hair and makeup to tattoo artists and shoe repairmen
🐶 Dog groomers & pet sitters
🚕 Transportation workers of all kinds, from Uber drivers to charter boat services

So, it feels like half of all workers can somehow make a case to qualify for this. But there are some loopholes closed by the IRS, too...

The tips have to be voluntary. Think about the 18% "gratuity" the restaurant charged you to go out for dinner with your closest 14 friends... that doesn't count! And neither would an electrician charging $10 plus an expected $300 tip...

And, the tips that you can deduct must be reported on a W-2 or a 1099. Under the current rules, you will not be allowed to self-report how much of your income is or is not tips; this is a huge development for self-employed taxpayers!

We will continue to watch for more rules coming out related to the One Big Beautiful Bill over the coming weeks and months!

09/30/2025

The Big Beautiful Bill wasn't the only tax bill passed this year... The 2025 Missouri tax changes were electric ⚡️ (or at least, as electric as state tax laws can be...)

Leading off, Missouri became the first state to repeal tax on capital gains‼️ It's hard to overstate how huge this is.... this will apply to the sales of assets held for more than a year including stocks, real estate, raised cows, etc. It does not apply to dividends.

Prior to the passing of this law, some taxpayers paid more state tax on capital gains than federal tax! This will save many taxpayers thousands of dollars every year.

👨‍💼 The Missouri legislature also repealed a requirement for employers to provide sick leave to its employees. Minimum wage will also now bump to $15 per hour in 2026 but will not continue to increase after that, like the original law allowed.

🏡 Also new for 2025 is a tax credit for home insurance deductibles incurred in disaster areas. If your home is damaged in a flood, tornado, or other presidentially-declared natural disaster, the state will pick up the tab for your deductible, up to $5,000.

👶 And to top it all off, diapers are now exempt from sales tax!

08/27/2025

Big news this Tax Tuesday… Travis Kelce asked for Taylor Swift’s hand in marriage! But, did Travis consider the tax implications of this decision??

The tax code rewards some marriages and punishes others, but generally:
High income + low income= 🙌
Low income + low income= 🤷‍♂️
High income + high income= 🙅‍♂️

The tax law has some “marriage penalties” that could make a couple pay more tax once they get married, especially those making high income.

📈 The highest tax bracket starts at $626,000 for single taxpayers and only at $751,000 for married couples, way less than double the amount for singles.

🏡 Married couples and single taxpayers have the same limit of mortgage interest and state taxes, a huge disadvantage for high earners.

💵 That new “no tax on tips” deduction? Student loan interest? The max deductions are the same whether you are married or single!

So, the next time you see our government at work, thank Travis Kelce for popping the question and creating some more tax revenue!

Address

1004 E MAIN Street
Linn, MO
65051

Opening Hours

Monday	8am - 4pm
Tuesday	8am - 4pm
Thursday	8am - 4pm

Telephone

(573)7442727

Website

http://www.cgm-cpa.com/

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