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Highway Use Tax Return Due August 31, 2015
The IRS released an announcement today reminding owners of heavy highway vehicles that Form 2290 is due by August 31, 2015 to pay their excise taxes for these vehicles. The tax is normally for the period from July 1 to June 30 and is required for those farmers who operate semi-trucks (which there a lot […]
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A Tale of Two Days
Yesterday on the first day of the crop tour, I was pleasantly surprised by the South Dakota corn and soybean crop. However, the corn crop in NE Nebraska on our route was at best average (in my opinion), but most everyone else indicated it was above average. Today’s route found us heading south out of […]
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First Day of the Midwest Crop Tour
Today was the first day of the Pro Farmer Midwest Crop Tour. This is my sixth straight trip on the tour and after spending the last three years on the Eastern Leg, I decided to spend this year on the Western Leg. My expectations for today was to see good crops in South Dakota and […]
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The ProFarmer Midwest Crop Tour
This will be my sixth year in a row of doing the Pro Farmer Midwest Crop tour. My first two years I did the western leg, the last three were on the eastern leg and this year I go back and tour the western leg. Here is a map from Pro Farmer showing the locations […]
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One Last Combine Ride
Most of the wheat harvest is done for this year near Walla Walla, however; I was able to get one last ride in today on one of my client’s Case IH 8010’s (have to plug those red machines all I can). They were finishing up a field just north and a little west of Dayton, […]
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How Might ARC-CO Payments Look Next Year
We have final MYA prices for wheat, barley and oats. Based on those prices, the benchmark price for each of these crops for the 2015 crop is as follows: Wheat $6.70 up 10 cents from $6.60 Barley $5.57 up 12 cents from $5.45 Oats $3.48 up 23 cents from $3.25 We do not have final […]
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Don’t Use Your Product When Preparing a Tax Return
In the Beck v. US case decided by the Tax Court yesterday, it is apparent that you should not be using marijuana when preparing your income tax return (I am not sure if the Mr. Beck was or not; I will let you decide). The State of California allows marijuana to be disbursed for medical […]
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How Much Greater Will 2014/15 Farm Program Payments Be Than CBO Estimate
Gary Schnitkey and Carl Zulauf from the University of Illinois just released a new estimate of total estimated ARC/PLC payments for the 2014 crop year (to be paid after September 30, 2015). Their report estimates total farm program payments of about $5.7 billion for this year. In their summary and commentary section, they indicate it is […]
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Rebroadcast of AICPA Farm Tax Update Seminar
As many know already, Chris Hesse and myself presented a Farm Tax Update seminar in conjunction with the AICPA Ag Conference in Indianapolis on July 13. This seminar was videotaped and will be rebroadcasted on September 3. If you are interested in viewing the broadcast and getting 8 hours of CPE, here is a link to […]
