Ag Policy
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Executive Women in Agriculture – Day 1
I was an attendee at the First Annual Top Producer conference for Executive Women in Agriculture in Chicago. There were well over 100 women executives in attendance and the speakers lined up for today were outstanding. American agriculture is well represented by these woman executives and I look forward to more getting involved in the […]
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New Tax Education Program for Farmers
The USDA-Risk Management Agency (RMA) in conjunction with several Universities has just announced a new site for financial and tax information for farmers. The site is located at www.ruraltax.org. The site is comprised of: Tax Topics Sample Farm Tax Return Small Farm Tax Guide Links Plus some information on who has contributed to the site and […]
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Watch Your Section 179 Deduction From Multiple Entities!
With the increased Section 179 deduction available in 2011 of $500,000 farmers need to be very careful if they have ownership in multiple partnerships and S corporations that will be purchasing large amounts of used equipment and deducting it under Section 179. The partnership and S corporation have an overall $500,000 Section 179 limitation on deducting at […]
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Senate Proposes Some Farm Tax Savings In Millionaire Tax Bill
The American Jobs Act introduced in the Senate last week (commonly known as the Millionaire Surtax Bill) contains some provisions that will help out our farmers. These are: Extend the 100% bonus depreciation until December 31, 2012. It is currently in place for all of 2011 and at 50% for 2012. This would make it […]
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What if I Don’t Reinvest?!
Our reader from yesterday’s post followed up with this question: “Follow- up on condemned highway tax problem. What happens when the proceeds are not reinvested in like find property?” When you receive proceeds from a condemnation of your farm land, you have three years to reinvest the proceeds to defer the capital gains on the […]
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Midwest Crop Tour – Final Day
Since I had a meeting in Austin, Minnesota today at 3 pm, I had to miss taking corn and bean counts for the day. After taking counts yesterday for almost 12 hours straight, I actually did not mind the rest. Also, during yesterday’s route, I ended up cutting two of my fingers with a corn […]
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Midwest Crop Tour – Day Three
I am sorry I did not post about day three of the crop tour sooner. I have had multiple issues with cell phone coverage and Internet service on this trip so far. Yesterday, we had to go north about 25 miles from Nebraska City before taking the toll bridge over the Missouri River near Plattsmouth, […]
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Where did the Million Acres of Wheat Go?
There was an interesting article in the Wall Street Journal this morning about how the USDA issued information regarding the current wheat harvest that normally would required a Freedom of Information Act request to get. Previous reports from the USDA had pegged the spring wheat crop at about 12.7 million acres. The report just released […]
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FFSC – Day 2 (Session Six)
Phyllis Parks, a CPA with Daughhetee & Parks Management Consulting gave a presentation on understanding our competition south of the Equator. Phyllis had taken a trip to South America in December. The state income tax rate is 18%. The employer rate for social security is 27% and the employee pays about 3%. Brazil seems to […]
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FFSC – Day Two (Session Five)
On purpose, I skipped talking about session four since it was my discussion on income taxes which we have posted on many times already. Session Five was presented by Tim Ohlde, President of Elk State Bank in Clyde, KS on the applications of the FFSC guidelines to Today’s Ag Lending World. He stated that what […]