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Tag: tax tips
Tax Tips: Options for Reporting Crop Insurance Payments
2013-01-02 22:17:00| Corn & Soybean Digest
Source: University of Illinois farmdocDaily Approximately 80% of Illinois farmers purchased various types of crop insurance on their 2012 crops. The total premiums for these policies were over $770 million. It is projected that the total claims will exceed twice the amount of the premiums. If farmers do not defer their crop insurance proceeds until 2013, they will have an additional $1.5 billion of taxable income this year. read more
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tips
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Tax Tips: 2012 Tax Decisions for 2013
2013-01-02 04:33:00| Corn & Soybean Digest
Earlier this fall we shared some tax flexibility ideas, including the use of deferred payment contracts, from Andy Biebl, a long-time farm tax accountant with CliftonLarsonAllen. With higher tax rates likely in 2013, and 2012s sands running out, we thought wed offer a few more. The good news is most can be decided in the new year. News from Brock Associates read more
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tax tips
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