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Home Energy Credits on Existing Homes Only!
We had a reader ask the following question: “My wife and I built a new home in 2010. We moved in on June 24,2010. Can we take the residential energy credit for insulation, windows, & doors on form 5695 for this house on our 2010 tax return? Thanks, Dave” I am afraid that we […]
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Farmer’s Health Insurance Reduces SE Tax!
We had a reader ask the following question: “Is it true that for 2010 we can reduce our net self-employed income on Schedule SE line 3, by deducting the amount of our self-employed health insurance from line 29 of Form 1040? My husband and I farm side by side so will only his half of […]
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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 – Final Day
After six great days of presentation, we have finally come to the last day of the TEPAP conference. This is only a morning session and our presentation on public relations plans was giving by Moe Russell of the Russell Consulting Group. Moe shared that we had 3 sets of good time in the last 100 […]
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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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When to Take Bonus Depreciation
We had a reader ask the following question: “I ordered a new machine shed in December 2010, and put down a partial down payment. Can I take the bonus depreciation in 2010, or do I have to wait until tax year 2011 when the building will be erected?” For new farmings buildings started in 2010, but […]
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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 […]
