Farm Industry Trends

  • By: | Trackback Link | No Comments

    May 2nd, 2016


    New HSA limits for 2017

    A health savings account (HSA) allows taxpayers to set aside funds for health expenses.  A deduction for the amount contributed is allowed as a deduction up to the limit allowed by the Code.  This deduction is indexed to inflation and the IRS just announced the amounts allowed for 2017 as: Singles – $3,400 up from […]

    More
  • By: | Trackback Link | No Comments

    April 27th, 2016


    Pooling is Back!

    Senator Backus a few years ago proposed replacing the current tax depreciation system with a pooling system.  Under that system, personal property purchases and sales would be “pooled” together and the net remaining number would be multiplied by a percentage for that year to arrive at your net depreciation deduction.  If the net number was […]

    More
  • By: | Trackback Link | No Comments

    April 25th, 2016


    Options for Education

    Now that the 2015 tax season is finally done, we can now start focusing on getting our required education (for us CPAs) scheduled for this upcoming year.  CPAs are required to get at least 40 hours of education each year.  There is not a lot of education focused on farm taxation and succession planning, however, […]

    More
  • By: | Trackback Link | No Comments

    April 18th, 2016


    Limited Means Limited!

    Many farm families have formed family limited partnerships or family limited liability entities over the last several years.  These entities are usually formed to help with estate and succession planning.  However, they can sometimes lead to disputes as one farm family in South Dakota found out. In 2002, the Gibson family formed a family limited […]

    More
  • By: | Trackback Link | No Comments

    April 12th, 2016


    Which is Better – Wages or Gifts?

    My father was 47 when I was born and I am the oldest of three kids.  My father “retired” at age 62 to start collecting social security, however, he could only earn a certain amount without having to pay the benefits back.  My mother was the financial brains of the marriage and over the 3 […]

    More
  • By: | Trackback Link | No Comments

    April 4th, 2016


    Another Choice for Tax and Accounting Training

    Since there is exactly two weeks left to tax season (thank-you Washington DC for your interesting holiday on April 15 – NOT), I got to pondering when my last full day off occurred.  After much thought, it appears my last full day off was Sunday January 10.  I expect no sympathy since this is what […]

    More
  • By: | Trackback Link | No Comments

    April 1st, 2016


    Potpourri

    A reader reminded us that our post from yesterday might be a little misleading.  We discussed the deduction of investment interest and we led off with borrowing against stocks and mutual funds, etc. held in a brokerage account being investment interest.  Unlike borrowing money against your home using a home equity line of credit secured […]

    More
  • By: | Trackback Link | No Comments

    March 31st, 2016


    When to Take “Extra” Investment Interest?

    I see many more farmers now with investment brokerage accounts.  Some of these farmers have borrowed against these accounts and the margin interest paid is considered investment interest and the tax deduction may be limited. A farmer (or other taxpayer), trust or estate can deduct this interest only to the extent of net investment income.  […]

    More
  • By: | Trackback Link | No Comments

    March 30th, 2016


    Where’s Roger

    Since I am on the road a fair amount, some of our staff teasingly say “Where’s Paul” mimicking the famous “Where’s Waldo” paintings.  Many of you know my now (since we have posted on it already) that Roger McEowen has joined CLA as a half-time tax director for our firm.  It is really exciting to […]

    More
  • By: | Trackback Link | 1 Comment

    March 29th, 2016


    Danger, Will Robinson

    For those of us old enough to remember the TV show “Lost in Space’, there was a common saying “Danger, Will Robinson”.  That show has been off the air for far longer than my oldest son (age 29), but the ACA provides some of its own “Danger”. Individuals who acquire health insurance through an ACA […]

    More