December, 2011

IRS Announces New 2012 Mileage Rates

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December 14th, 2011

The IRS announced this week the new standard mileage rates for 2012.  Most of the rates remained the same as the last six months of 2011.  For regular business use, the rate is still 55.5 cents per mile (don’t ask me where they came up with the half cent).  For charitable purposes, the rate is 14 […]

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Year-end Equipment Flexibility

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December 13th, 2011

We had a reader ask the following question: “If I purchase and take delivery of a tractor in December 2011 but do not want any of the depreciation until 2012 can I still get the section 179 and bonus depreciation in 2012?” In order to depreciate equipment such as this tractor in 2011, the farmer must both purchase […]

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Will We See 100% Bonus Depreciation in 2012?

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December 12th, 2011

We had a reader ask the following question: “President Obama’s proposed Jobs Act includes an extension of 100% bonus depreciation through 2012 however excludes qualified real property. Does this include farm buildings?”  First, I think there is a very good chance that we will see 100% bonus depreciation sometime in 2012.  However, we are dealing […]

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DTN AG Summit – Day 2

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December 9th, 2011

I have already written a previous post on one of the first sessions at DTN AG Summit yesterday, but here is my recap of the rest of the day. The president of International Farming Corporation gave a presentation on their efforts to both create long-term value to their investors and their tenant farmers.  This is […]

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It May Be More Important To Not Overpay for Land Than Have Too Much Leverage

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December 8th, 2011

Two speakers from Kansas State Univeristy indicated that overpaying for land in their analysis was more likely to be more harmful to a farm operation than having too much leverage. Their bottom line objectives for their land buying decisions in 2011 is that the perceived land rent value should be at least 4.50% of the […]

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DTN AG Summit – Day 1

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December 8th, 2011

I attended most of the afternoon session of the first day of the DTN AG Summit in Chicago. There appeared to be around 600 Agri-business leaders there of which about half were farmers. The potential slowdown in economic growth in China may negatively affect the American farmer in 2012. Although growth of 4-5% would be […]

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Some Questions on Section 179

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December 7th, 2011

We had a reader ask the following question: “Do I have to take 100% of the cost of  property when oping for the section 179 depreciation, or am I also allowed to take any % less and then use normal depreciation for the remainder? Also if it is placed in service in 2011 and paid […]

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Might Not Pay To Do An Equipment Trade-In!

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December 6th, 2011

Most farmers automatically assume that it is always better to trade-in their farm equipment to save on income taxes.  However, for 2011, if your total farm equipment purchases is going to be less than $500,000, then in most cases it would almost always be better to sell your farm equipment for cash and then buy equipment […]

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Don’t Forget The New Veteran’s Credit

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December 5th, 2011

A new tax credit for farms that hire unemployed veterans is in effect now the President Obama has signed the legislation officially eliminating the 3% withholding on government contractors that was scheduled to begin in 2013.  I think I have seen more laws get initiated and eliminated in the last 3 years than I ever […]

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Executive Women in Agriculture Conference – Recap

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December 4th, 2011

After a long flight home Friday night, I have had a couple of days to reflect on the the First Annual Conference for Executive Women in Agriculture and here are my conclusions: American Agribusiness should be proud of the women who are active in running a farm or an agribusiness.  Based upon the women that […]

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