April, 2010

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    April 29th, 2010


    State Tax Refunds Can Create 45% Tax Bracket (or Higher)

    On of my favorite business magazines that I started reading as a teenager was Forbes.  This used to be a really great business magazine and it still fairly good, but with all the changes going on with the digital revolution, their web-site seems to be taking a higher priority than their magazine.  However, almost every […]

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    April 27th, 2010


    Farmers – New Credit for Health Care Premiums Paid

    Although I am usually on the other side from the IRS, I will admit that their web-site is one of the best sites I have used for accessing tax information.  The recent Health Care Reform law enacted a new employer credit for certain employers who pay for their employee’s health care premiums.  I would estimate […]

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    April 26th, 2010


    What’s Your Dividend Tax Rate

    For the last couple of years, farmers and other taxpayers have enjoyed a very low tax rate on dividend income.  This income used to be taxed at regular income tax rates (as high as 50% when combined with some state and city taxes).  However, starting a couple of years ago, the top rate on dividend […]

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    April 23rd, 2010


    Rural Farm Economics Improve

        Creighton University produces a monthly rural main street economic report based upon  a survey of bankers in an 11 state area which comprises most of the corn belt.  This survey gives a good picture of where the local farm economy is headed. In the latest report, the highlights are as follows: The farmland-price […]

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    April 21st, 2010


    Watch for Those Pesky Excise Taxes

      I have taken a couple of days off from writing a post due to tax season ending on April 15.  As a CPA, you tend to build up a large adrenalin rush until April 15 and then it takes a big dump and all you want to do is nothing and get a lot […]

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    April 15th, 2010


    Harvest Time is Done

    Just like a farmer coming to the last row of the last field of the fall harvest, today is my last day of what I call harvest time for CPA.  We have put in long hours since the first of the year (my last day off was on January 10), but this is my favorite […]

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    April 11th, 2010


    We Don’t Want a Partnership – Part 2

        In my previous post, I discussed a situation that applies to many farmers where there was joint ownership of land and whether a partnership tax return is required to be filed.  In that post, I indicated that in many cases, a partnership tax return is required and if one is not filed, then […]

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    April 8th, 2010


    We Don’t Want a Partnership

    One of my readers sent me a question about a farming operation that applies to many farm families.  I am going to summarize the question as follows: Scenario: 160 acre cropland is titled as Kevin XXX and Mary XXX, JTWRS (50%) and The Jane M YYYY Trust (50%).  Kevin and Jane M are brother and […]

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    April 5th, 2010


    Watch Your Real Estate Tax Bill

    I think that most farmers know that the residential and commercial real estate markets have gone through dramatic changes in the last few years.  I know that in our area that residential prices peaked out about three years ago and in many of the cities near me the price is at least 50% below the […]

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