Farm Industry Trends

Mid West Crop Tour – Wednesday

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August 20th, 2014

What a difference a day makes.  On Tuesday, we saw really good corn in Indiana and slightly better than average corn in Eastern Illinois. I woke up this morning expecting to see excellent corn in the rest of Illinois and pretty good corn in Iowa. We left Bloomington and headed toward Peoria to get started […]

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Mid West Crop Tour – Monday’s Recap

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August 18th, 2014

This is my fifth year of the Mid West Crop Tour and I must admit this is the longest day so far. We left Dublin, Ohio this morning around 7 am and headed north to Bowling Green, Ohio and then turned west on the north side of Fort Wayne, Indiana and then turned south toward […]

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The Mid West Crop,Tour Begins

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August 17th, 2014

The Eastern Leg of the Mid West Crop Tour met up at a hotel in Dublin, Ohio tonight and got instructions for this years crop tour. A nice new feature for this year is the introduction of an App to record our counts and then submit them electronically. This should allow Pro Farmer to get […]

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Mid West Crop Tour

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August 14th, 2014

Pro Farmer conducts a Mid West Crop Tour each year.  There are two legs to the tour.  The Eastern Leg starts in Columbus, Ohio this Sunday night and on Monday, about 11 routes are conducted from Columbus to Fishers, Indiana.  These routes will go over the exact same roads as in previous years, however, the […]

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Sale of Gifted Grain Can Be Tax Free

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August 13th, 2014

We had a reader ask the following question: “We want to gift our daughter (she is not a dependent) some grain that is from the 2012 growing season. We plan to have the elevator issue her a contract to show ownership and then she can call them and sell the grain when she is ready. […]

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Three Years is the Normal Statute of Limitations, But Not Always

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August 12th, 2014

I get a phone call or email many times during the year asking how long a taxpayer needs to keep documents.  The answer is “it depends” as is usually the answer for all tax questions.  The IRS generally has three years from the due date of your tax return to assess additional tax.  Therefore, if […]

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How Does Section 179 Work?

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August 11th, 2014

A reader sent us the following question: “I am wondering how many dollars worth of used machinery I can purchase and use for 2014 income deduction. I do not understand Section 179.” I get this question fairly often especially regarding how much Section 179 farmers can use for 2014.  The current law is that a […]

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Split ARC and PLC to Maximize Payments

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August 10th, 2014

Under the 2014 Farm Bill, a farm will need to decide between ARC and PLC on a covered crop-by-crop basis.  However, many farmers have multiple farms registered with the FSA office(s).  These farms may be composed of operations in multiple counties or states; multiple entity ownership; or for a number of other reasons. Since the election is by […]

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Another Conservation Easement Tax Court Case – Mostly in Taxpayer’s Favor

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August 6th, 2014

There are multiple Tax Court rulings on conservation easements each year.  In the Schmidt v. Commissioner case issued today, the Tax Court ruled mostly in favor of the taxpayer, but not totally. The Schmidt’s lived in Colorado for many years and purchased about 40 acres of land in northern El Paso County.  They attempted to […]

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IRS Provides Two Optional Methods for SE Health Insurance Deduction

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August 5th, 2014

Self-employed farmers are allowed to deduct their health insurance premiums in arriving at their adjusted gross income (AGI).  However, beginning in 2014, many of these same farmers will also be eligible for a premium tax credit based upon their income.  The premium tax credit is on a sliding scale and phases out at a maximum of 400% […]

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