Farm Industry Trends
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How to Sell Your Land and Pay No Tax – MAYBE
I had a reader ask me questions regarding the taxation of an installment sale of farmland. I helped him out and thought it would be a good idea to do another post on how you may be able to sell farm land (or other capital gain assets) in certain situations and pay no federal income […]
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FBS Conference – Hedging Accounting and Taxation
I will be presenting at the FBS Systems Annual Conference in Moline, Illinois on Tuesday August 26, 2014. This is a full day workshop in conjunction with Norm Brown (owner of FBS Systems) on hedging accounting and taxation based upon the standards issued by the Farm Financial Standards Council. This workshop will review the standards, […]
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One-Third of Americans Lack Retirement Savings
I came across this article recently and it highlighted a retirement savings issue many people face, especially those that are self-employed. “Many U.S. households are not adequately prepared for retirement, according to a new report from the Federal Reserve that found 31 percent of non-retired respondents indicating they have no retirement savings or pension, including 19 […]
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Mid West Crop Tour – Final Conclusions
I was hoping to write this post last night, but dinner, presentations and then chatting with all of the scouts meant I did not get back to my hotel room until almost Midnight. My key theme for this crop tour is “Can the Great Eastern Crop Lift Up the Not-So Great Western Crop”? Our tour […]
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More than 100 but Less than 500
When a farmer or taxpayer owns an S corporation that incurs a loss, the farmer must show that they have materially participated in the companies operations in order to deduct the loss. The slam dunk test is that the owner works for more than 500 hours. If the owner works for less than 100 hours, then […]
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Mid West Crop Tour – Wednesday
What a difference a day makes. On Tuesday, we saw really good corn in Indiana and slightly better than average corn in Eastern Illinois. I woke up this morning expecting to see excellent corn in the rest of Illinois and pretty good corn in Iowa. We left Bloomington and headed toward Peoria to get started […]
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Mid West Crop Tour – Monday’s Recap
This is my fifth year of the Mid West Crop Tour and I must admit this is the longest day so far. We left Dublin, Ohio this morning around 7 am and headed north to Bowling Green, Ohio and then turned west on the north side of Fort Wayne, Indiana and then turned south toward […]
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The Mid West Crop,Tour Begins
The Eastern Leg of the Mid West Crop Tour met up at a hotel in Dublin, Ohio tonight and got instructions for this years crop tour. A nice new feature for this year is the introduction of an App to record our counts and then submit them electronically. This should allow Pro Farmer to get […]
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Mid West Crop Tour
Pro Farmer conducts a Mid West Crop Tour each year. There are two legs to the tour. The Eastern Leg starts in Columbus, Ohio this Sunday night and on Monday, about 11 routes are conducted from Columbus to Fishers, Indiana. These routes will go over the exact same roads as in previous years, however, the […]
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Sale of Gifted Grain Can Be Tax Free
We had a reader ask the following question: “We want to gift our daughter (she is not a dependent) some grain that is from the 2012 growing season. We plan to have the elevator issue her a contract to show ownership and then she can call them and sell the grain when she is ready. […]