January, 2011
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TEPAP – Day 3 morning session
For the Tuesday morning session of the TEPAP conference, we had Dr. Ed Siefried, a noted economist to explain how the macro economic trends will affect farming in 2011. Highlights are as follows: 1. The economy in 2011 is expected to be recovering with growth possibly around 4% with low inflation. However, in all previous […]
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TEPAP – Day 2
Day two of the TEPAP conference was primarily focused on management accrual accounting for farmers. The presentation was done by Dick Wittman of Wittman Consulting. As a CPA, Dick was speaking to the choir (so to speak). Some of the ideas that resonated with me were: It is very important to implement full accrual accounting […]
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TEPAP – Day 1
All this week I am at the The Executive Program for Agricultural Producers (TEPAP) in Austin, Texas. This is an all week intensive program put on by the Texas A & M University and hosted by Danny Klinefelter. I am very excited to attend the program and will try to post at least one blog […]
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What is a Farm Building?
We had a reader ask the following question: “WHICH BUILDINGS ON A FARM QUALIFY AS AG SPECIFIC BUILDINGS OR STRUCTURES FOR THE BONUS DEPRECIATION, IS THERE A LIST SOMEWHERE.” The law basically says that all farm buildings other than single purpose agricultural or horticultural structures are 20-year property and available for the 100% bonus depreciation. […]
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Make An Tax Estimate Payment Now?
Most farmers know that if they file their income tax return by March 1 of each year and pay the tax with that filing, there is no estimated tax penalty associated with not paying any estimated taxes through out the year. What many farmers may not know is that filing this early might be creating […]