This week is the annual Farm Financial Standards Council annual meeting. I update you on my travel plans for the wheat and provide some views on crop conditions around the country.
Over the years, the most dreaded words I hear are “some assembly required”. This can also apply to tax planning. Make sure to do all of the steps and you will end up with a good plan.
The Federal Reserve of Kansas City just released their latest Ag Lending Databook. We provide some details of interest.
Just an update on where I am teaching today with a bit of the history
If you are nearing retirement and face a large income tax bill, you may want to consider using a cash balance plan to reduce those taxes.
When a farmer passes away, the heirs can get a step-up in basis on farm inputs and deduct them again. However, if this is a crop-share landlord, the tax rules may prevent this double deduction.
Business interest deductions may be limited under tax reform. We give you some of the details.
Farmers are finding it harder to repair new equipment with proprietary software. A movement to require vendors to provide tools to allow this is under way.
ARC and PLC payments are on pace to exceed the old 2008 Farm Bill payments, however, by the end of this farm bill, there may not be that much difference.
Partnerships with fewer than 10 partners can normally get out of a penalty for filing late. However, this does not apply to partners that are single member LLCs or revocable living trusts.
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