Farm Taxes

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    December 16th, 2014


    Senate Passes Tax Extender Bill 76-16

    It is now final (other than the President signing it which he will). This gives farmers about two weeks to make purchases of equipment to take full advantage of Section 179, bonus depreciation and other business tax extenders. I just finished the last tax school in Ames, Iowa today. Over 300 in attendance with another […]

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    December 16th, 2014


    Wednesday Optimistic – Thursday Pessimistic

    The Hill is reporting that progress was made by the Senate yesterday in getting several nominees confirmed.  These confirmations do take time and the estimated day of final passage of the Tax Extender Bill is either late Wednesday or sometime on Thursday. “Senators will vote to end debate and confirm Sarah Saldaña, Obama’s nominee to […]

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    December 15th, 2014


    Tax Extender Bill Could Pass Today

    The Hill (a site that tracks Congress and the President) is reporting that Senator Reid is trying to get the Senate to finish all of their remaining work today and go home for the holidays.  However, there is always at least one Senator that likes to gum up the works.  The Senate will begin voting […]

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    December 12th, 2014


    Does Budget Bill Fiasco Spell Doom of Tax Extender Bill

    Based on the experience with the House yesterday in passing the 2015 Budget Bill, it would not surprise me if Congress now punts the Tax Extender Bill completely to 2015.  I still firmly believe that there is enough votes in the Senate to get the bill passed, however, based on certain stubborn Senators on both the […]

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    December 11th, 2014


    IRS Announces 2015 Standard Mileage Rates

    The IRS has announced the 2015 standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical and moving purposes.  The 2015 rates are: 57.5 cents per mile for business miles driven, up from 56 cents in 2014.  22 cents of this amount is considered depreciation for basis reduction […]

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    December 11th, 2014


    Tax Extender Bill May Be Punted to Weekend

    Anytime you deal with Congress passing legislation you have to become accustomed to possible delays. Earlier our expectations were that the Tax Extender Bill including Section 179 at $500,000 would be passed yesterday. However, Congress is also dealing with a major spending bill which is more important than the tax bill. Therefore, there is a […]

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    December 9th, 2014


    Watch Your Crop Insurance Form 1099s This Year

    As we have previously noted several times, there will be lots of crop insurance claims paid out this year.  A form 1099 will be issued by the crop insurance company for these claims.  The form 1099 will report the gross amount of crop insurance “paid” to the farmer, however, in many cases, this will not […]

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    December 8th, 2014


    Are We Getting Section 179 Fatigue?

    We should know by Wednesday whether Section 179 will be $500,000 for 2014 (I have guaranteed this at several seminars over the last week or so, but you know how much my guarantee is worth). Assuming it does get increased to that amount for this year, I am starting to wonder if many of our […]

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    December 7th, 2014


    Senate to Vote on Tax Extenders on Wednesday?

    It appears that the Senate will vote on the Tax Extenders Bill on Wednesday of this week.  Procedural matters will tie them up on Monday and Tuesday, thus the earliest the vote will take place is on Wednesday.  It is expected that enough Democrats will vote with Republicans to pass the Bill and it appears […]

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    December 4th, 2014


    House Passes HR 5771 Tax Extender Bill

    The House of Representatives voted last night to approve a one-year retroactive extension of most the tax extender provisions by a vote of 378-46.  The bill now heads to the Senate where indications are it will be approved. Among the tax extenders of particular interest for agribusiness that would be renewed through the end of […]

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