December, 2010

Top 5 Trend – Estate Tax Changes!

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December 30th, 2010

I was not sure if I would be able to write this post a month ago, but Congress and the President came through with some very good changes to the estate law.  Beginning in 2011, the top rate will fall to 35% from 55% and estate will only be come taxable $5 million up from […]

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Beware Your S Corp Basis!

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December 29th, 2010

Roth and Company out of Des Moines, Iowa has a great Tax Update Blog that Joe Kristan writes on daily.  I try to touch base with his blog each day and he has been running some year-end tax tips that I thought I would pass on to you. For today, I want to remind our […]

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Top 5 Trend for 2010 – Equipment Purchase Deduction Options!

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December 29th, 2010

From a farm tax standpoint, one of the biggest trends for 2010 is the expansion of the Section 179 deduction to $500,000 and the introduction of 100% bonus depreciation for new assets bought after September 8, 2010 and before January 1, 2012. With these two new rules, almost all farmers who purchase new and used […]

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Deferring Crop Insurance Proceeds

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December 28th, 2010

We had a reader ask the following question: “Can you defer crop hail insurance proceeds to the next tax year the same as you can the CRC payments if you normally sell more than 50% of the crop in the year after it is produced? “ Based on the facts presented in the question, the […]

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Top 5 Trend of 2010 – High Commodity Prices

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December 28th, 2010

I think one of the major trends for 2010 and going into 2011 is the continuing high level of commodity prices for most grains, livestock, sugar, cotton, etc.  In 2008, we had high level of prices in the grains, however, the pricing for livestock was much lower and cotton was close to a $1 cheaper […]

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Top 5 Trend – Obama Care

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December 27th, 2010

We will be posting each day this week a top 5 trend or item for 2010.  It may be related to taxes or other items that have affected farmers either in 2010 or looking forward to 2011. Our first top 5 item is Obama Care.  This is actually the result of two bills that were […]

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We Answer A Question Regarding Deducting Used Equipment!

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December 26th, 2010

One of our readers asked the following question: “If I purchase a (used) tractor by the end of this year what percentage will I be able to write off? “ This is one those questions where the answer is: IT DEPENDS. When purchasing a used tractor, the farmer must first decide if they want to […]

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Where Do We Deduct Our Health Insurance Premiums?!

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December 26th, 2010

One of our readers asked the following question: “Self employed health insurance deductions: does is apply to schedule F, schedule 1040 or both? Will I be able to deduct my health insurance on both my 1040 AND my schedule F or will I have an option of either schedule, or is it schedule F only […]

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Merry Christmas!

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December 23rd, 2010

Just wanted to wish all of our readers a Merry Christmas and we at Farm CPA Today.com appreciate your readership throughout 2010.  Just last week, we had our largest number of unique visitors for one day and we just want to thank you for your support. Again, Merry Christmas and have a very good 2011. […]

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World Corn Production Could Double Using US Methods!

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December 22nd, 2010

The Federal Reserve Bank of Kansas City publishes several good Ag related articles each year.  They recently did a quick snapshot of the US Ag Economy and one of the slides represented the current corn production for the world.  The graph showed the actual production for 2009 and the anticipated production assuming each country would […]

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