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What About Those 1099s?!

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April 24th, 2013

Almost fully back from the rigors of Tax Season, it is now time to start posting on our more usual basis.  We got the following question from one of our readers in response to our post on using deferred payment contracts. “What about the 1099 that you would receive from the elevator that would show […]

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Crop Insurances Proceeds – Update

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December 29th, 2011

An alert reader let me know that one of my points on how to defer your crop insurance proceeds was not written as well as it could have been.  In my original post, I had indicated that each crop is a “separate” business unit, then each crop is looked at separately.  This separate business unit […]

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Watch Out for Sales to Related Parties – Part Two!

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November 10th, 2011

On the last post regarding sales between related parties, my example was not 100% correct, so I have updated the post to more accurately reflect what the rules for related party sales.  Thanks to the reader that pointed this out. Paul NeifferPaul Neiffer is a certified public accountant and business advisor specializing in income taxation, […]

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If You Reconvert – You Lose Your Spread to 2011 and 2012

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September 25th, 2011

We had a reader ask this question as a follow-up to our previous post on ROTH IRA recharacterizations: “My wife and I converted our traditional IRA,s to ROTH,s in November of 2010. Since the market has gone down we are considering the recharacterization back to Traditional. You mentioned we would have needed to file for […]

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FFSC – Day Two (Session Three)

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August 3rd, 2011

Dr. Barry Dunn, Dean of AG/BIO, South Dakota State University in Brookings, SD gave a presentation on the untapped power of information systems in decision making. Dr. Dunn shared several humorous examples of data overload.  He indicated the most powerful tool that he has seen for agriculture is the use of management dashboards for farmers.  […]

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FFSC – Day Two (first session)

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August 3rd, 2011

The annual conference of the Farm Financial Standards Council just got started this morning.  The first speaker of the day was Dan Looker, business editor of Successful Farming and his discussion was on Ag Megatrends. The first Ag Megatrend dealt with Ethanol.  Even though the blender credit is most likely being phased out or allowed […]

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The Three Levels of Farm Accounting

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July 14th, 2011

I am going to hazard a guess that at least 90% of our farmers are in what I call the first level of farm accounting.  This is the old tried and true favorite – Cash basis of accounting.  Most farmers report farm net income on their tax return using this method of accounting.  Income is […]

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Motorcycle Ride to LA

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May 3rd, 2011

Just a personal note to let you know that a friend and I are riding our motorcycles to Los Angeles from Yakima for my second’s son college education.  Two down and two to go. I will be gone from today until next Tuesday and may not do any postings between now and then. Paul NeifferPaul […]

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Deduct Your Tiling This Year

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April 11th, 2011

We got the following question from one of our readers: “IF A TENANT TILES OUT LEASED FARMLAND CAN THE TENANT DEDUCT THE COST OF THE DRAINAGE TILE AND LABOR DURING THAT TAX YEAR ON SCHEDULE F?” 2011 provides a great opportunity for either an operating farmer or landlord to put in new tile and deduct […]

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Farmer’s Tax Due Date – March 1 or April 15?

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February 21st, 2011

With about 8 days to March 1, most farmers are frantically scrambling to get all of their tax data accumulated and presented to their tax preparers.  Almost all farmers try to file by March 1 since there is no penalty for filing and paying their income tax for the year by that date even if […]

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