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Case IH 9230 vs. JD S680
This farm boy gets the ultimate treat this weekend. I have a meeting in Des Moines on Monday and decided to fly out today to Cedar Rapids. I am going to visit some clients / friends and over the weekend I get to ride/drive both a Case IH 9230 and John Deere S 680 combine. […]
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When Zero Equals $380 Now Equals $5,760
In our last post , we discussed how having net gambling winnings of exactly zero could increase your 2013 income tax liability by $380. We had a reader pose the following points: “Throw in some Social Security and a little more rent income and see what it does to your tax bill. Is it possible […]
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How Zero Equals $380
Gambling income and losses have a unique structure in the Tax Code. Unlike most other types of income where you net expenses against income in reporting a net amount on page 1 of your form 1040, gambling winnings must be reported gross on page 1 and then you are allowed to deduct your gambling losses as […]
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Should You Delay Purchasing Fertlizer for Next Spring?!
Based upon some recent AgWeb articles, it may be a good idea to wait about four to six weeks before making any serious fertilizer decisions for any 2014 spring needs. Although fertilizer prices have been dropping, Russia’s OAO Urakali (URKA), the world’s largest potash producer recently announced they will be increasing output next year by 24%, which […]
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Ode to Hay
Here is my first attempt at a FarmCPA Today poem (most likely my last one too) On a perfect sunny afternoon day My client had hay That must be baled Before rain or hail Comes to ruin the day I had never operated a baler Nor been a tailor My client liked cheap labor Normally […]
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Department of Labor Waives Penalty
We have previously provided notice on the requirement to provide notice to your employees by October 1 of the coverage options now available with the new Health Insurance Marketplace. It was our assumption that if this notice was not properly provided and this omission was determined by the Department of Labor or the IRS, then […]
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Estimated 2014 Inflation Adjusted Tax Items
Many of the provisions in the Tax Code are adjusted each year based upon the inflation for the fiscal year ended August 31. This inflation adjustment number has been issued and the new estimated numbers for 2014 are as follows (the IRS will issue final numbers a little later on, however, they should agree or […]
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IRS Has Two Sets of De Minimis Rules
On September 13, 2013, the IRS finally issued Final Regulations on how to treat repairs and maintenance and related capitalization rules. Temporary Regulations had been issued a few years back and after much comment from the public, the IRS has now issued final Regs. In the original Temporary Regs., the IRS had provided for a […]
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Monday is Final Due Date for Business Returns
Monday, September 16 is the final extension due date for almost all 2012 calendar business tax returns (corporations, partnerships and trusts). If you are unable to file your pass-through business return tomorrow on a timely basis, the penalty will usually be $195 per schedule k1 not file per month late. If you are late with […]
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It Only Takes Some Mold to Create a Problem
Chobani Yogurt Twin Falls, Idaho plant is the largest yogurt facility in the world. It produces about 1 million cases of yogurt per week and processes about 2-2.5 million pounds of milk per day. I took a trip to Southern Idaho last winter and drove by the plant. It was almost ready to open and […]
