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Posts Tagged ‘Taxes’

The head of the USDA Rural Development Office says the work they’re doing is having a positive impact on Rural America. Undersecretary Dallas Tonsager says the 2011 Rural Development Fiscal Year 2011 Annual Report shows they have invested almost $29 Billion dollars and “created or saved an estimated 440-thousand” jobs through the rural business cooperative, [...]

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With the rapid increase in farm land prices over the last year or so, many farmers are now considering selling some farm land to lock in these high prices.  The Tax Code allows a farmer to reinvest the proceeds from this sale into other real estate using a tax-deferred exchange under Section 1031 (commonly known [...]

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The close relationship between gross cash farm receipts and machinery purchases suggests farmers buy big-ticket items when they have cash available and/or to reduce taxes. Planning the most cost-efficient machinery fleet, however, is far more complex than simply looking at the purchase price and potential tax write-offs. Dig through the details to discover the real bottom [...]

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“My tax year ends October 31.  I’ve spent about $250,000 on equipment in the last year.  I am looking at buying a planter which will cost from about $60-90,000.  Should I wait until November or buy it before my year end of October 31.” This is a great question that almost applies to all farmers.  [...]

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