Farm Leadership
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Revocable Living Trusts – Do They Save Estate Taxes?
Nick Houle, one of our Estate Planning partners in our Minneapolis office, gave an one hour presentation on estate tax planning at the South Dakota Soybean Association annual meeting in Sioux Falls, SD yesterday. I attended the event with Nick and talked to many farmers about succession and estate planning. One of the questions that […]
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How Much Would A Gas Tax Raise?
We hear about the President’s proposal to raise $1.4-1.6 trillion in new taxes over a ten year period. That is a lot of money, however, what if we raised the gas tax. How much revenue would that raise over the same 10 year period. Right now we consume around 135 billion gallons of gasoline in […]
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File Your Gift Tax Return
I am in Chicago for a Firm Tax Partner meeting today and tomorrow and then head to Sioux Falls, South Dakota for the annual South Dakota Soybean Association meeting. One of my partners is speaking at this meeting on estate taxes and we have a booth at the show. If there are any readers that […]
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Will There Be An “Agriculture Abyss”?
The Economist Magazine based in England writes several good articles a year on items related to farming. They just recently posted an article dealing with the farm bill making its way through Congress. Most farmers know that the Farm Bill has technically expired as of September 30, 2012, but many probably do not know that we […]
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IRS Wants All Rents Subject to new 3.8% Medicare Tax
As we posted yesterday, the IRS issued proposed Regulations on Friday November 30, 2012 on how to implement the new Medicare 3.8% surtax that takes effect on January 1, 2013. In brief, if your income is greater than $250,000 ($200k single), then all of your investment income, including cash and crop share rents, may become subject […]
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Don’t Forget Your Form 1099 Responsibilities!
One thing that surprised us a little bit last year when preparing our farmers’ tax returns was new questions that the IRS was asking regarding Form 1099s on all tax returns. These two questions were asked on Form 1065, 1120, 1120S and schedule C and F. The two questions asked on the forms were: “Did you […]
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The Coming Fiscal “Section 179” Cliff
We had a reader ask the following question: “179 depreciation is scheduled for $25,000 in 2013 do you think this will be changed? If not how would it work on a pivot worth $71,000. ? $25,000 first year and remainder $46m over 6 years ?” I am sure that the major equipment manufacturers such as […]
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Headed to Chicago for EWA
I head out for the second annual Executive Women in Agriculture conference sponsored by Top Producer magazine. I spoke at the conference last year and women tend to ask more and many times better questions than men. I look forward to speaking at this year’s event and I already have spoken to some of the […]
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2012 May Be Last Year for Section 179 Flexibility
Most farmers know the benefits of the Section 179 deduction. The deduction has been as high as $500,000, is $139,000 for 2012 and is scheduled to drop back to $25,000 in 2013. What many farmers do not know about is the ability to go back and amend their tax return to change their Section 179 […]
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20%/33%/45%/59% – How Much Will Your Capital Gains Rate Go Up By?!
Assuming that the Bush Tax Cuts are not extended, we know that capital gains tax rates will increase in 2013. The key question, is by how much. Here is a brief recap of the increases: 20% – If you acquire property after December 31, 2000 and hold it for at least five years, your maximum […]