By: Matt Reese, Ohio’s Country Journal
While many have suggested the recently passed tax law has numerous benefits for agriculture, there are some potential negative implications for private grain companies and other privately held purchasers of agricultural goods.
A provision affecting the qualified cooperative dividend was added to the tax bill late in the process last year in an effort to avoid a tax increase for farmers previously relying on the Section 199 Domestic Production Activities Deduction. The problem that has since surfaced, however, is that the provision may inadvertently favor cooperatives over private grain buyers due to potential tax deductions for farmers. In short, the change cuts farmer taxes on proceeds from agricultural products sold to cooperatives. Continue reading
By: Nate Birt, Editor Top Producer Magazine
Young farmers are eager for agricultural opportunities but challenged by four key factors, the greatest of which is access to land, according to the new report, “Building A Future With Farmers”. The publication summarizes findings of The National Young Farmer Survey, a project of the National Young Farmers Coalition (NYFC).
Through the work of dedicated staff in over 2,100 county and state offices, the U.S. Department of Agriculture (USDA) Farm Service Agency (FSA) provides vital farm safety-net assistance to agricultural producers across America.
“We’ve seen recent challenges in farm income and commodity prices,” said Robert Johansson, Acting Deputy Under Secretary for the Farm Production and Conservation mission area. “The ‘safety net’ provided in the 2014 Farm Bill has helped producers withstand economic losses as well as losses resulting from natural disasters. Loans for operating expenses, farm purchases and other purposes help current producers stay in business and allow a new generation of farmers and ranchers get their start.” Continue reading
Ohio State University Extension is pleased to announce the 2018 Agricultural Outlook Meetings! In 2018 there will be seven locations in Ohio. Each location will have speaker addressing the topics of Free Trade Agreements: Why They Matter to US Agriculture, Grain Market Outlook, and Examining the 2018 Ohio Farm Economy. Additional topics vary by location and include 2018 Farm Bill Policy Update, Dairy Production Economics Update, and Farm Tax Update. Continue reading
By AgWeb Guest Editor
As the calendar year comes to a close, most dairy farmers have already made at least one trip to the accountant’s office. There’s a good chance most dairy farmers have enough expenses to offset low on-farm income this year, but it still pays to pay attention to year-end tax basics. Here are a few tax tips from Paul Neiffer, CPA and principal at CliftonLarsenAllen.
- Keep Accurate Records
This should go without saying, but your accountant can only work with the information you provide. If your records are incomplete, you could end up paying more taxes than necessary. Continue reading
By Sonja Begemann, Farm Journal Seeds and Crop Production Editor
USDA’s Office of the Chief Economist is forecasting soybeans to reach a record of 91 million acres in 2018—equal to that of their rotation partner, corn at 91 million acres. Before switching acres to soybeans consider market implications.
“The past few years the market has been essentially asking for soybeans,” says Matt Bennett, farmer and owner of Bennett Consulting in Illinois. “The price ratio for beans to corn has been robust. For fall prices we’re looking at 2.75:1 which definitely suggests beans are more profitable than corn.” Continue reading
Even amid lagging profits from corn and soybeans, Ohio farmers have a reason to be optimistic, according to an agricultural economist from the College of Food, Agricultural, and Environmental Sciences (CFAES).
Farm incomes are forecasted to increase this year nationally for the first time in four years, said Ani Katchova, an associate professor and Farm Income Enhancement chair in the Department of Agricultural, Environmental, and Development Economics at The Ohio State University. Continue reading
This past weekend, I returned to southern Ohio to help with a couple of projects on the family farm. The main project this fall is to finish a new house for my parents before winter. This past week the basement walls were poured, but Mother Nature put a halt on moving any soil for a few days.
When I mention that my parents are building a new house, the first question I usually get pertains to their age, as it may sound odd for a couple approaching retirement to be building a new house. However, long term this decision seems like a no brainer. A newer, more energy efficient home on the main 100-acre farm will only increase the value of the property when compared to a 150-year-old farm house that is a bear to heat, and currently is in need of a major roof restoration. Continue reading
By: Peggy Kirk Hall, Monday, July 31st, 2017
Written by Chris Hogan, Law Fellow, OSU Agricultural & Resource Law Program
Several pipeline projects are crisscrossing the state. While some landowners are just seeing equipment and workers show up on their property, others are seeing pipelines be buried and the land being reclaimed. Some Ohio landowners question whether pipelines on their property and reclamation of the land are being carried out properly. Continue reading
By Sonja Begemann Farm Journal Seeds and Crop Production Editor
Commodity prices have been challenging, but according to recent projections they likely won’t get any worse. University of Illinois brought together USDA Agricultural Outlook, Congressional Budget Office, FAPRI, WASDE and CME futures to give farmers an idea of where prices might be headed compared to 2017’s projected market year average.
Credit: Univ. Illinois