February, 2010
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When no Estate Tax is a Bad Thing – Part Two
I received two excellent comments on my post from Monday of this week regarding the cost to some farm families of not having an estate tax for this year. The comments had additional information which is all applicable for this year. The main intent of my post was to let farm families know that without […]
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My First TV Appearance
Just wanted to give all of my readers a heads up that I will be appearing on the Leave a Legacy TV show this Thursday morning (the 25th). It will generally take the place of AgDay and you may want to check your local listings for time. You will also be able to view it […]
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When No Estate Tax is a Bad Thing
Most farmers are assuming that since there is no estate tax for 2010, that this must be a good thing for all taxpayers. The reality is that many farmers may end up paying more in taxes than under the law in effect for 2009. This is due to the fact that carryover basis will no […]
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Hog Odors Raise a Stink
For those people living in rural areas, the smells associated with hogs, cows, etc. can be a nuisance. Usually most people grin and bear it, however, there are many times when they try to do something about it. The High Plains Midwest Ag Journal recently reported on a civil trial filed in Kansas City regarding […]
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Farmland Values Are Up in Kansas City Region
The Federal Reserve Bank of Kansas City puts out a quarterly review of credit conditions in their region. This region covers Kansas, Missouri, Nebraska, Oklahoma and most of the Mountain States. I try to give you a recap when it comes out since the information is both timely and interesting. The most recent report for […]
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Minimize Your Fixed Cost Amortization to Maximize Your Profits
To maximize your profit for your farm, it is very important to determine what your annual fixed costs are and determine if you are maximizing your amortization of these costs on your farm. Fixed costs are those costs that do not materially change with production increases and decreases. Some examples of fixed costs are: […]
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Make Family Meetings Civil Not a War
As a CPA, I have been involved in many family meetings. Sometimes, I act as an advisor to the participants. At other times, I may actually be part of the family that is having the meeting. I remember having a client several years ago that had several children that were actively involved in the business […]
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Gen X – Gen Y – How Are You Dealing With Them
In a recent issue of Top Producer magazine, an article was written by Linda Smith about how agricultural managers are dealing with the Gen X and Gen Y generation. I know that being a parent of 4 Gen Y boys that you need to deal with them differently from people from my generation (the baby […]
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Do You Have Your Rip Cord
Our CPA firm deals with many newly formed businesses each year. When two or more people get together to form a business, it is almost like a boyfriend and girlfriend getting together for the first time. They are usually fairly giddy with excitement over the new venture and look forward to the business being there […]
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Lack of Data Dooms GRIP & GRP in 1000+ Counties
Marcia Taylor with DTN/The Progressive Farmer had a great post recently on the elimination of crop insurance under the Group Risk Income Protection (GRIP) and Group Risk Program (GRP) in over 1,000 counties across the US. The primary reason for eliminating these counties were due to not reporting at least 30 yield reports or 25% […]