Farm Trends

  • Goodbye Pesky Logs for Cell Phone Use!

    I am sure that all of our farm readers realized that a log of all of their cell phone usage up to December 31, 2009.  This log was required to deduct the cost of the cell phone service and any personal use would either not be deductible or would have been included as part of […]

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  • Watch For A State Capital Gains Deduction for Sale of Farm Assets

    We had a reader ask the following question: “Does Iowa have a reduced capital gains tax rate on sale of farm land held for 15 years?” If certain qualifications are met such as holding the farmland or assets for at least 10 years and material participation in the farm (can not cash rent the land), Iowa […]

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  • My Reflections on the Midwest Crop Tour

    As most everybody knows, I spent most of last week on the Midwest Crop Tour.  The weather this year was much better than last year when we got rained on for one full day of the tour.  I do not remember even getting one sprinkle this year.  My thoughts are as follows: Last year, I […]

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  • Will the IRS want your Accounting Software File?!!!

    In a recent Florida Federal District Court Case, the IRS was granted the right to summon the accounting software file of a small business.  This case did not involve a farm, however, the IRS has gotten very aggressive in demanding the actual accounting software file, especially Quickbooks and other common software accounting programs.  Before the […]

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  • Corn Price is Now Higher Than Wheat!

    Historically, wheat prices have generally been higher than corn prices and sometimes the difference can be major.  In many years, wheat could be $1 or $2 higher than corn.  This is due to two main reasons: Corn was primarily used for feed Wheat was more heavily used for bread and other products directly consumed as […]

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  • Motorcycle Trip Along the Minnesota River

    On Saturday, I met up with a couple of my partners in the CPA firm in New Ulm, Minnesota to ride motorcycles.  We left about 9:30 in the morning and drove out of town up onto a nice flat area with very good looking crops.  We then dropped back down into the Minnesota River Vally […]

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  • The Pacific NW Wheat Harvest is Late!

    My wife and I rode our motorcycle from Yakima to Lewiston on Thursday with a stop in Walla Walla.  Normally this time of year, wheat harvest would be in full throttle, however, I noticed very little harvesting going on that day. I visited with my Uncle and Aunt at their house on Thursday and spoke […]

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  • A Switch in Farm Loan Levels

    The Federal Reserve Bank of Kansas City just published their National Trends in Farm Lending for the second quarter of this year. Due to the increase in input costs, operating loan levels have increased dramatically from the second quarter of 2010, up nearly 36%.  The number of livestock loans dropped slightly from the year before, […]

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  • Estimate Your Monthly Social Security Benefit

    The Social Security Administration has a nice retirement calculator on their website that will project what your monthly social security benefit will be if you retire at: Normal retirement age (for most of us this will be somewhere between age 66 and 67), Age 70, and Age 62 The calculator takes into account your current […]

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  • Dying Days of Ethanol Subsidies?

    The Wall Street Journal in today’s paper had a good article on how ethanol subsidies are even closer to being eliminated.  Under the proposed deficit-reduction plan proposed on Thursday, the 45 cents a gallon blenders credit would be eliminated, however, more than $600 million of aid would be given to service stations to help promote […]

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