Ag-Visors

Congress has changed the rules as to how you can convert a traditional IRA into a ROTH IRA for the 2010 tax year. If you own a traditional IRA, sometime this year you will probably be contacted about converting to a ROTH IRA. Under tax law for this year, you have the option of paying the tax due for the IRA in 2011 and 2012.

Producers try to manage cattle and resources based on market incentives, but that’s not simple when signals change faster than they can make adjustments. Sometimes it helps to step back and check the flow.

One of the hottest topics online and in the news is animal welfare and rights. My question to you, reader, is, “Have you ever thought about it?” I have, and am, worried about it. One of the biggest questions online with bovine practitioners is “What do we do about it?”

This article addresses the rights of owners of agricultural land when tenants fail to pay their rent. Generally speaking, if a tenant does not pay the entirety of his rent when taking possession of the landlord’s property (the “demised premises”), the landlord is entitled to a “landlord’s lien” against growing or grown crops to secure his rent. Indeed, §441.280 RSMo. states:  “Every landlord shall have a lien upon the crops grown on the demised premises in any year, for the rent that shall accrue for such year…” This lien attaches at the beginning of the tenancy, whether or not the parties have entered into a written lease agreement, and it is enforceable up to the amount of the unpaid rent. 

Saving money on administrative costs, like health care for your family, can make a big difference in how much of your earnings you actually keep. Third party administration companies can help you keep more at tax time. With the help of these third party administrators, now is the perfect time to begin saving valuable tax dollars on your health care expenses.

In all activities that the IRS regards under the hobby loss rule, including livestock and other farming ventures, the issue of one’s personal experience and expertise is an important consideration. In audits, the IRS will ask, among many other things, what expertise you have in conducting this type of venture, and whether you consulted others who are experienced in the industry about the feasibility of making money in the activity.

Winter is here and feeding and supplementing animals in the pasture is a must. With the last cold snap we have all been struggling. When it gets cold outside, animals must burn calories to stay warm and maintain their body heat. The basis of this diet should be hay. Hay of decent quality is not all stem and seed. When a lot of people put up hay, it is when it is convenient for them and not when the hay is ready to cut.

The IRS has been cracking down on individuals and small businesses –  including farmers, ranchers and horse owners – with increased tax audits and aggressive tactics to collect taxes. The tactics include an increased volume of audits, and more bank levies and liens on real property.