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Farmer’s Tax Due Date – March 1 or April 15?
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...
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Deduct Your Tiling This Year
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...
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Motorcycle Ride to LA
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...
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The Three Levels of Farm Accounting
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...
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FFSC – Day Two (first session)
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...
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FFSC – Day Two (Session Three)
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...
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If You Reconvert – You Lose Your Spread to 2011 and 2012
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...
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Watch Out for Sales to Related Parties – Part Two!
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...
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Crop Insurances Proceeds – Update
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...
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What About Those 1099s?!
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...
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