October 31, 2018 Many farmers and ranchers will benefit from changes brought about by the Tax Cuts and Jobs Act. Notable changes include: Net Operating Losses: Can now be carried forward indefinitely; Are limited to 80 percent of income and Can be carried back for two years. Pass-through entities: There’s a new 20-percent qualified business income deduction for income from pass-through entities. The full deduction is available to married couples filing jointly with taxable incomes below $315,000 and other filers with taxable incomes below $157,500. Accounting method changes: More small business taxpayers can use the cash basis of accounting. See IRS guidance for more information.