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Some Quick Year-End Tax Tips
Since it is Christmas the day after tomorrow, I am simply going to give you some quick year-end tax tips. But first, Merry Christmas to all of our readers. I now have three sons living in the Los Angeles area, so my wife, youngest son and I are headed down Christmas day to spend the […]
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Cancelled Health Insurance Policies
Amid a wave of controversy over health insurance policies that have been cancelled this year, the Department of Health and Human Services announced Thursday, December 19 that those with cancelled policies will not need to pay the individual mandate penalty in 2014. Those who have received notices in recent months will receive a hardship exemption […]
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Tax Filing Begins January 31, 2014
The IRS announced in Notice 2013-100 that the official start of the filing season for 2013 tax returns will begin on January 31. This is one day later than for 2012 tax returns. The 2012 tax season filing delay was due to the many changes brought about by the tax law signed into law on […]
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Ames Tax School
Today, David Repp and I presented our last session of the ISU Center for Agricultural Law and Taxation Farm and Urban Tax School. I am looking forward to teaching the class today since this appears to be the largest attendance at over 300 attendees. Yesterday, I did some taping of tax tidbits for the American Angus […]
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How Many 2013 Tax Brackets
I made a bet with my wife the other day that there was at least 30 tax brackets for 2013. Now my wife really does not care how many tax brackets there are and she knew I was teasing her about this, but for 2013, there is probably at least 60 or more tax brackets for […]
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Is it Time for an IC-DISC
Many farmers or groups of farmers are starting to earn a greater percentage of their income from sale of products directly for exports. If this applies to your farm operation and the amount of foreign exports is greater than $1 million, then you should consider forming an interest charge – domestic international sales corporation (IC-DISC). This […]
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What Crop Insurance Level Should I Get for 2014?
Crop insurance is a risk management tool for farmers. Over the last couple of years it has, in many cases, paid off in substantial claims based primarily on the high spring or fall price. The University of Illinois just released a projection of the crop insurance premiums for productive soil in that state. Although large claims […]
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How $12,000 Becomes $6,000 or less
As corn prices continue to range near multi-year lows and the expectations for increases in interest rates start to perk up (taper anyone), the value of farmland may start to reverse their strong decade or longer advance. For example, assume we have a farmland owner in Northern Iowa who has 190+ bushel acre corn ground. Last year, his […]
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IRS Almosts Eliminates the 1/2 cent
The IRS just announced the standard mileage rates for 2014. They are as follows: Business Mileage – 56 cents per mile Charity Mileage – 14 cents per mile Medical Mileage – 23.5 cents per mile The nice thing is that they finally eliminated the 1/2 per mile for business miles, but did retain it for […]
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2014 Cash Rents Equals Negative Returns For Farmers
In a post from the University of Illinois today, they essentially said that based on current crop prices, farmers who are cash renting ground in Illinois will either make about $10 per acre or in the case of Southern Illinois farmers lose about $30 per acre. These numbers are for the averages. In areas where high […]
