January, 2012
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The Billion Dollar Counties
Every five years the USDA performs an agricultural census of the farms in the US. The last census was performed in 2007 with this year being the next census. We have already seen some of the census forms received by our farm clients. We were curious how many counties in the US had more than $1 billion […]
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Don’t Forget the New HIRE Credit!
Most farmers are on a calendar year basis for reporting their income taxes and one of the items that came about back in early 2010 is not available until they file their income tax returns for 2011. This credit is called the “HIRE” credit and is available to any taxpayer who meets the following requirements: […]
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More Farm Export Facts
Following up on my post from yesterday, here are some more interesting farm export facts. Total 2011 agricultural exports are expected to $137 billion. This is an all time high with 2008 in second place at $115 billion. An interesting note is that farm imports were $93 billion which is primarily comprised of fruits, vegetables […]
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Some Interesting Farm Export Facts
The Federal Reserve Bank of Kansas City puts on an Ag Symposium each year. It was held July 19-20, 2011 in Kansas City and here are some interesting farm export facts that I gleaned out of reading their information which is available online. The share of the US crops that is exported each year is as follows: […]
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All Time Low Interest Rates!
The IRS just issued Revenue Ruling 2012-2 which lists the Applicable Federal Rates for January, 2012. These are the minimum interest rates that you must charge on related party loans such as a loan from a parent to a child or a shareholder to their corporation. For short-term loans, this interest rate is only .19%. […]
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Is it 15, 16, 17 or even 18?
One of the hardest things to keep track of as a CPA who prepares income taxes is “What is the due date of your tax return, income tax estimates and other due date?”. Normally these due dates fall on the 15th of a month. However, if the 15th is a Saturday, Sunday or federal holiday, […]
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Estimate Payment – Update
With January 16, 2012 being less than two weeks away, I thought I would update our farmers on their estimated tax requirement and give some examples. As we have previously posted, most farmers work very hard to get their income taxes filed by March 1 of each year since as long as they file their return […]