April, 2016

  • Pooling is Back!

    Senator Backus a few years ago proposed replacing the current tax depreciation system with a pooling system.  Under that system, personal property purchases and sales would be “pooled” together and the net remaining number would be multiplied by a percentage for that year to arrive at your net depreciation deduction.  If the net number was […]


  • Options for Education

    Now that the 2015 tax season is finally done, we can now start focusing on getting our required education (for us CPAs) scheduled for this upcoming year.  CPAs are required to get at least 40 hours of education each year.  There is not a lot of education focused on farm taxation and succession planning, however, […]


  • Limited Means Limited!

    Many farm families have formed family limited partnerships or family limited liability entities over the last several years.  These entities are usually formed to help with estate and succession planning.  However, they can sometimes lead to disputes as one farm family in South Dakota found out. In 2002, the Gibson family formed a family limited […]


  • Which is Better – Wages or Gifts?

    My father was 47 when I was born and I am the oldest of three kids.  My father “retired” at age 62 to start collecting social security, however, he could only earn a certain amount without having to pay the benefits back.  My mother was the financial brains of the marriage and over the 3 […]


  • Another Choice for Tax and Accounting Training

    Since there is exactly two weeks left to tax season (thank-you Washington DC for your interesting holiday on April 15 – NOT), I got to pondering when my last full day off occurred.  After much thought, it appears my last full day off was Sunday January 10.  I expect no sympathy since this is what […]


  • Potpourri

    A reader reminded us that our post from yesterday might be a little misleading.  We discussed the deduction of investment interest and we led off with borrowing against stocks and mutual funds, etc. held in a brokerage account being investment interest.  Unlike borrowing money against your home using a home equity line of credit secured […]


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