December, 2010

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    December 30th, 2010


    Top 5 Trend – Estate Tax Changes!

    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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    December 29th, 2010


    Beware Your S Corp Basis!

    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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    December 29th, 2010


    Top 5 Trend for 2010 – Equipment Purchase Deduction Options!

    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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    December 28th, 2010


    Deferring Crop Insurance Proceeds

    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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    December 28th, 2010


    Top 5 Trend of 2010 – High Commodity Prices

    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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    December 27th, 2010


    Top 5 Trend – Obama Care

    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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    December 26th, 2010


    We Answer A Question Regarding Deducting Used Equipment!

    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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    December 26th, 2010


    Where Do We Deduct Our Health Insurance Premiums?!

    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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    December 23rd, 2010


    Merry Christmas!

    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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    December 22nd, 2010


    World Corn Production Could Double Using US Methods!

    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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