On Thursday, December 9, 2010, North Carolina Cooperative Extension will present “Planning the Future of Your Farm: Ways to Transfer Land” from 6:00 until 9:00 pm at the James Warren Citizen Center, 115 West Main Street, Lincolnton, NC. The featured speaker will be Andrew Branan, J.D., attorney and former executive director of the North Carolina Farm Transition Network. Also speaking will be Brad Rivers with the Small Business Development center to talk about the different types of business set ups, as well as, someone from Catawba Land Conservation to talk about easements. Each speaker will discuss different methods of transferring land and the implications of each method. On Friday morning, December 10, Branan will be offering private consultations at the Lincoln County Extension office. There will be a limited number of these consultations, so it is important to call early. Please make a reservation for these opportunities by December 8 by calling 704-736-8452.
If you already have an estate plan or have been interested in ways that you can transfer your land, we encourage you to attend this program. It will have lots of information to get you (and your family) started down the right path. By setting up appointments with Andrew Branan, you get an opportunity to talk one-on-one with him regarding your farm’s situation.
If you have any questions or would like to attend please call 704-736-8452. You may speak with Libby Yarber or Leigh Guth if you have any questions.
Tuesday, November 30, 2010
Wednesday, November 3, 2010
Utah State University Cooperative Extension is hosting a new website, Rural Tax Education, which is meant to provide farmers and ranchers, and other agricultural producers with a source for agriculturally related income and self-employment tax information that is both current and easy to understand.
- Fact sheets on many agricultural income tax issues including examples
- Topics incorporating both tax and farm management issues
- Sample federal farm income tax returns
- Links to other useful tax information
In late September, Congress enacted the Small Business Jobs Act of 2010, in an effort to help the economy recover. Here a just a few key provisions that may impact farmers:
- Expanded Section 179 Deductions. The annual limit is now $500,000 for the tax years 2010 and 2011.
- Extension of 50% Bonus Depreciation. Congress has renewed the ability to deduct 50% of the cost of new (NOT used) asset purchases, to the extent not already deducted under Section 179. The problem here is that Congress enacted this incentive at the end of September, and it expires Dec. 31, 2010, regardless of your tax year.
- Tax Break for the Self-Employed. Self-employed proprietors and partners can now deduct 100% of their health insurance for income taxes. For one year only in 2010, health insurance will also be a deduction in computing the self-employment tax.
- 1099 Reporting by Landlords. Now for the bad news - those who own real estate and receive rental income are now in the 1099 game. If a landlord pays more than $600 to an individual or partnership for services, the property owner is considered to be conducting a business and must issue a 1099 to the payee. This requirement begins with payments made after 2010. (2011 is the first year for issuing a 1099 report.)
- Increase in Information Return Penalties. Penalties are now doubled for businesses that fail to issue a 1099 to the IRS and the payee. They max out at $100 for failure to furnish a 1099 to the IRS and another $100 for failing to furnish a report to the payee.