August, 2009

USDA Says 2009 Farm Income Will be Down!

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August 28th, 2009

The USDA reported on their website on Thursday that they expect net farm income for 2009 to be $54.0 billion down from the record 2008 preliminary estimate of $87.2 billion.  This equates to a net decrease in farm income of $33.2 billion or an over 38% decrease.  What is even more disheartening is that the […]


Economic Rebound in Farm Sector Still on Hold

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August 22nd, 2009

For the third straight month, a rural economic indicator has declined.  This suggests that a rural economic rebound is still several months away.  Creigthon University (located in Omaha) performs a monthly survey of bank CEO’s in an 11-state region which primarily comprises the corn belt region and related states. The Rural Mainstreet Index (RMI) which […]


New Farmers Get a Helping Hand

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August 17th, 2009

An article in the Denver Post today and in other papers outlined a program in Iowa that is designed go help young non-farmers become farmers by hooking them up with farmers that are ready to retire. This particular program is located in Iowa at Iowa State University and is headed up by Dave Baker.  The program […]


Make Sure to Take Capital Gains This Year

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August 15th, 2009

If you combined taxable income including capital gains is in the 15% tax bracket or lower, then all of your long-term capital gains will be tax free in 2009.  This also applies to qualified dividend income.  For example, if you file a joint return with your spouse and have farm income of $50,000, have two […]


Farmers Tax Guide

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August 13th, 2009

  I have had several requests from farmers and their advisors regarding an online farmers tax guide.  From what I can tell there is no such thing, but in the near future, there should be one. I am working on a “wiki” based online farmers tax guide.  This guide would be for income, estate, excise […]


Ask Paul

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August 11th, 2009

I would like to get some interaction going with my audience.  I would appreciate any questions that you might have about farm taxation, operations or any other questions that you might have. Please feel free to send me a quick or detailed e-mail to  I will promise to try to get an answer to […]


Where is our Stimulus Package Going

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August 11th, 2009

My colleague, Scott Heintzelman, has a great blog entitled The Exuberant Accountant.  In one of his most recent posts, he references a site that gives a breakdown by state and county of the stimulas money that is being spent on projects, etc. If you are interested to see where your county ranks and where the […]


Cropland values drop 3.9% in 2008

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August 10th, 2009

            The USDA issued a report on Land Values and Cash Rents for January 1, 2008 to January, 1, 2009.  This is a highly detailed report that summarizes the changes in land values and cash rents by region for calendar year 2008. Some of the highlights are as follows:  Average cropland […]


Twelve Steps to Avoid Being a Marketing Lemming

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August 9th, 2009

I came across a good marketing company be watching Agday the other day.   Alan Brugler was discussing the corn and bean market and I decided to go check out his web site.  He is located in Omaha, Nebraska and has a very good short guide on how not to be a marketing lemming. I will […]


Farm Profit Trends 1998 to 2008

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August 6th, 2009

The Iowa Farm Business Association, comprised of various farm management companies, recently issued a nice 4 page newsletter that had a lot of good information on farm profit trends.  All of this information relates to farms in Iowa but the trends show hold true for most states that grow corn and s0ybeans. The newsletter recapped […]


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    Corn does well in Washington state. 55 at night 95 during the day plus irrigation 19 hours ago

    If average cash rents drop $50 this fall and cash return is 2% equals drop in average land values of $2,500. We shall see. 1 day ago

    2 years ago corn + beans + wheat was almost $40. Now it is under $20. 1 day ago

    Great time with @MRRChip today on Market Rally talking about the new farm bill. 2 days ago

    Drove over 2,000 miles in last 12 days. Saw a lot of good looking corn. Beans not so much 5 days ago

    When you drive through Minnesota, South Dakota and Iowa this time of year you see a lot of corn and beans and not much else 2 weeks ago

    Possible another reason for high US corn yield estimates is acres switched to beans were lower yield corn acres 2 weeks ago

    Don't understand why nobody claims the USDA manipulates the data when the report is bullish 2 weeks ago

    USDA pegged lower corn production but if yields trends continue this will quickly change to production increase. 2 weeks ago

    The soybean YO-YO is well underway 2 weeks ago