Farm Operations

More than 100 but Less than 500

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August 20th, 2014

When a farmer or taxpayer owns an S corporation that incurs a loss, the farmer must show that they have materially participated in the companies operations in order to deduct the loss.  The slam dunk test is that the owner works for more than 500 hours.  If the owner works for less than 100 hours, then […]

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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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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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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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On a Personal Note

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August 4th, 2014

As most know, I attended the Farm Financial Standards Council annual meeting in Billings last week.  This ended at about 11 am on Thursday and that afternoon, I got a tour of the Padlock Ranch which is about 400,000 acres of ranch land located in Northern Wyoming and Southern Montana.  A lot of the acres are […]

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FSA Extends 2012/2013 Emergency Assistance to August 15, 2014

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August 4th, 2014

The FSA announced today that they are extending the deadline for Emergency Assistance for Livestock, Honeybees and Farm-Raised Fish Program (ELAP) deadline for 2012 and 2013 losses from August 1, 2014 to August 15, 2014.  This deadline applies to assistance for damages incurred between October 1, 2011 and September 30, 2013 (the governments fiscal years). […]

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