Farm Operations
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New New – Not New to You
We had a reader ask the following question: “I’m thinking of purchasing a farm acreage with 3 newer farm equipment buildings and some old grain storage buildings. Could I take advantage 100% depreciation since they are new buildings to me and will be used for my farm in 2011?” On the bonus depreciation rules for […]
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You Can Pick & Choose on Bonus Depreciation!
We had a reader ask the following question: “I’m thinking of putting up a farm shop and storage building this year (2011). Can I take the bonus depreciation on only half of the cost of the building and depreciate the remaining amount over the 20 year period?” Now based on my heading, you are probably […]
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Machine Sheds Qualify for Bonus Depreciation
We seem to be getting quite a few questions regarding what farm buildings qualify for the 100% bonus deprecation for 2011 (and the period after September 8, 2010). Our latest question is as follows: “Is there any bonus depreciation on machine sheds in the year 2011?” For any new farm building placed in service during […]
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TEPAP – Final Conclusions
I spent all of last week attending the TEPAP conference in Austin, Texas. This intensive 7 day conference is put on by Professor Danny Klinefelter of Texas A & M University. Each day’s session would normally have two different topics covered by some of the best presenters in the farm business. I would highly recommend […]
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TEPAP – Day 6 Afternoon Session
Michael Mazzocco, Director at Verdant AgriBusiness Consultants, presented the afternoon session of day 6 of the TEPAP conference. This session was on Market Growth Strategies for farmers. To grow your farm revenues, you have seven degrees of freedom: Increase sales – same customers; same product mix Existing products; new customers New products – same or […]
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TEPAP – Day 6 Morning Session
The morning session of Day 6 of the TEPAP conference was presented by Allan Gray, professor at Purdue University. This session focused on strategic management for farmers.Strategic management for farmers usually requires us to wear both hats – The General Hat (the leader) and The Troop Hat (getting the work done). We seem to spend […]
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TEPAP – Afternoon Session of Day 5
The afternoon session of day 5 of the TEPAP conference was presented by Brent Gloy of Purdue University on improving profitability through process improvement. On process improvement, it is important to understand that it is difficult to manage output, whereas is very possible to manage inputs. Farmers need to determine and manage the factors that […]
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TEPAP – Day 5 Morning Session
The morning session of day 5 of the TEPAP conference was performed by Bernie Erven, professor emeritus of agricultural economics at Ohio State University (of THE Ohio State University as one farmer told me this week). His discussion was on Human Resources Management dealing with: Be a Better Boss Organizational Structure Dealing with Problem Employees […]
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100% Bonus Depreciation – No Income Limitation!
We had a reader send in the following question: “I read a post from you a week ago or so about 100% bonus depreciation on farm buildings. Looking at putting up a machinery shop will I be able to deduct all of the cost my 2011 taxes if I put the building up this year […]
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TEPAP – Day 4 Afternoon Session
The afternoon session of day 4 of the TEPAP convention was presented by Gary Maas on dealing with all of the different personality types associated with a farm operation (or in life). The interesting part of the presentation is how your personality based upon your natural style may be completely different from the style you […]