Farm Leadership
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TEPAP – Day 2
Day two of the TEPAP conference was primarily focused on management accrual accounting for farmers. The presentation was done by Dick Wittman of Wittman Consulting. As a CPA, Dick was speaking to the choir (so to speak). Some of the ideas that resonated with me were: It is very important to implement full accrual accounting […]
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TEPAP – Day 1
All this week I am at the The Executive Program for Agricultural Producers (TEPAP) in Austin, Texas. This is an all week intensive program put on by the Texas A & M University and hosted by Danny Klinefelter. I am very excited to attend the program and will try to post at least one blog […]
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What is a Farm Building?
We had a reader ask the following question: “WHICH BUILDINGS ON A FARM QUALIFY AS AG SPECIFIC BUILDINGS OR STRUCTURES FOR THE BONUS DEPRECIATION, IS THERE A LIST SOMEWHERE.” The law basically says that all farm buildings other than single purpose agricultural or horticultural structures are 20-year property and available for the 100% bonus depreciation. […]
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Make An Tax Estimate Payment Now?
Most farmers know that if they file their income tax return by March 1 of each year and pay the tax with that filing, there is no estimated tax penalty associated with not paying any estimated taxes through out the year. What many farmers may not know is that filing this early might be creating […]
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Top 5 Trend – Estate Tax Changes!
I was not sure if I would be able to write this post a month ago, but Congress and the President came through with some very good changes to the estate law. Beginning in 2011, the top rate will fall to 35% from 55% and estate will only be come taxable $5 million up from […]
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Beware Your S Corp Basis!
Roth and Company out of Des Moines, Iowa has a great Tax Update Blog that Joe Kristan writes on daily. I try to touch base with his blog each day and he has been running some year-end tax tips that I thought I would pass on to you. For today, I want to remind our […]
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Top 5 Trend for 2010 – Equipment Purchase Deduction Options!
From a farm tax standpoint, one of the biggest trends for 2010 is the expansion of the Section 179 deduction to $500,000 and the introduction of 100% bonus depreciation for new assets bought after September 8, 2010 and before January 1, 2012. With these two new rules, almost all farmers who purchase new and used […]
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Deferring Crop Insurance Proceeds
We had a reader ask the following question: “Can you defer crop hail insurance proceeds to the next tax year the same as you can the CRC payments if you normally sell more than 50% of the crop in the year after it is produced? “ Based on the facts presented in the question, the […]
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Top 5 Trend – Obama Care
We will be posting each day this week a top 5 trend or item for 2010. It may be related to taxes or other items that have affected farmers either in 2010 or looking forward to 2011. Our first top 5 item is Obama Care. This is actually the result of two bills that were […]
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We Answer A Question Regarding Deducting Used Equipment!
One of our readers asked the following question: “If I purchase a (used) tractor by the end of this year what percentage will I be able to write off? “ This is one those questions where the answer is: IT DEPENDS. When purchasing a used tractor, the farmer must first decide if they want to […]