More about Paul Neiffer
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
Blog Posts by Paul Neiffer:
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IRS Announces 2011 Standard Mileage Rates
On Friday, the IRS published their standard mileage rates for 2011. These rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical and moving purposes. The 2011 rates are: 51 cents per mile for business miles driven 14 cents per mile for charitable purposes 19 cents per mile for […]
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IRS Adds New Form For Health Insurance Credit
The IRS has released final guidance for claiming the new health insurance premium credit on your tax return for 2010, along with new Form 8941 (Credit for Small Employer Health Insurance Premiums) and related instructions. Remember that if you employ 10 or less farm employees and their average pay is less than $25,000, you can get […]
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Does a Machine Shop Qualify for Section 179?
We had a reader just send in the following question: “We have built a machine shed with part of it closed in as a farm shop. This part will receive concrete, electric, heat, etc. I have been told this qualifies under the section 179 deduction. Is that correct? “ This is an area of the […]
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Optimize Your Section 179 Deduction!
Farmers with larger profitable operations have an unique opportunity this year and next year to have substantial tax savings. The Small Business Jobs Act passed earlier this fall increased the Section 179 deduction from $250,000 to $500,000 for this year and 2011. As most farmers know, Section 179 allows you to deduct up equipment purchases […]
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Don’t Let AMT Bite You
Now that it is the first day of December, we must make sure that our year-end tax planning is in full gear. Over the next few weeks, I will post various items related to year-end tax planning that you need to review and deal with now. First, many farmers assume that the alternative minimum tax […]
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How Will You Transfer the Farm?!
I ran across another thought provoking article in Cornhusker Economics. In the article, they performed an analysis of farmers in Nebraska based upon their ages. In 1982, 13,436 farmers in Nebraska were under age 35. In the most recent census in 2007, this number had dropped to 3,353 or a 75 percent decrease. The number […]
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Happy Thanksgiving!
I will be traveling on the business the next two days, so I wanted to make sure to wish Happy Thanksgiving to all of our readers. This holiday was my favorite as a child growing up since we went to my grandparents for Thanksgiving and some years we would have over 45 relatives there. Again, […]
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Farmland Turnover drops by 50%
One of the recent issues of Cornhusker Economics put out by the University of Nebraska Department of Agricultural Economics showed how the farmland turnover for the current year is about half of the long-term trend. The market for farmland has historically been a “thin” market in that very little is marketed and changes in ownership […]
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Betterment – Why Does That Cost Me Money?
We had a reader ask the following questions: “We had a combine fire this fall, and my question is concerning “betterment” deducted from the claim. The combine was a 2010 model, with only 400 hours on it. The damage exceeded $41,000, and the insurance company deducted $4,100 (10%) for “betterment”. I assume that I can deduct […]
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What’s Your ACRE Payment?
I got a call from one of my clients yesterday saying that he got a surprise in the bank account. His ACRE payment had shown up and it was a substantial amount. We wrote many posts on this about a year ago before the final sign up for the 2009 crop indicating that ACRE might […]