June, 2012

More Updates on the Senate Farm Bill

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June 29th, 2012

Here are additional updates and comments on the Senate Farm Bill: Eliminates Direct Payments, Counter-Cyclical Payments (CCP), Average Crop Revenue Election (ACRE) payments and Supplemental Revenue Assistance Payments (SURE) as of the end of the 2012 crop.  Beginning with the 2013, all of these payments will be eliminated.  This creates $15 billion in savings for […]

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ObamaCare Survives The Supreme Court!

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June 28th, 2012

The Supreme Court just issued their ruling stating that ObamaCare is partly constitutional and partly non-constitutional, but the constitutional right of Congress to levy taxes trumps the Commerce Clause. This was an extremely tight 5-4 ruling with Chief Justice Roberts siding with the 4 more liberal justices. For  now, the most immediate effect facing farmers […]

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Take Advantage of State Programs

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June 28th, 2012

Our blog tends to focus on the federal issues regarding income taxes.  Sometimes we forget that state sales, income and other taxes may end up costing the farmer more than federal income taxes. For example, in Washington state, we do not have an income tax, but we do have sales, property and a business and occupation […]

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1 AGI instead of 3 AGI

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June 27th, 2012

For farmers who are enrolled in ag programs with the FSA, there are currently three different levels of AGI (adjusted gross income) that affect whether they qualify to receive any payments from the FSA during the year.  These levels are: $500,000 of non-farm income $750,000 of farm income $1,000,000 of non-farm income, but OK if […]

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Medicare Surtax Is Coming on January 1, 2013

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June 25th, 2012

Beginning January 1, 2013, there is a new Medicare Surtax on wages and self-employment income in excess of $200,000/$250,000 (married couples).  This surtax is comprised of a .9% rate which added to the current total Medicare tax rate of 2.9% equals a new combined rate of 3.8% Additionally, if you have certain types of investment […]

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Nothing Better!

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June 21st, 2012

Yesterday I spent the afternoon traveling from Minneapolis to Sioux Falls.  There is nothing better (maybe driving/running/operating a combine in the fall is better) than driving this great country looking at crops. The crops look good from the road terse here has been some weather stress. Several areas in Minnesota showed hail and excessive rain damage […]

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What is your plan?

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June 19th, 2012

I just finished up attending a two day seminar in our Minneapolis office with our company wide Agribusiness and Cooperative group. There is a ton of talent assembled in this group and it was great to get to know them better. As I was attending one of the discussions I got a text with updated […]

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With Low Interest Rates, Special Use Valuation May Not Save Much Estate Tax

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June 15th, 2012

With the explosive increase in cash rents and the continued decrease of interest rates, the savings by electing special use valuation for estate tax purposes may not be available in 2012. One of the special estate tax provisions for farmers is the option to elect to reduce the value of the estate to reflect the […]

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Watch Out For State Taxes!

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June 14th, 2012

In my home state of Washington, we have an excise tax for any real estate sales that take place during the year.  This tax is usually close to a 2% rate on the gross sales price.  For a sale of $1 million of real estate, your excise tax liability is about $20,000. Many taxpayers had created […]

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Food for Thought on Ag Yields

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June 11th, 2012

We had a reader respond to our last post on US rarely being #1 in yields that I thought I would share with you: “Really interesting post.  Something that jumped out at me was the need to keep in mind the spatial context of these numbers.  Lets take Chile and Jordan corn production for example.  […]

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