Ready For Income Taxes: Part 1
	Taxes Part 2: Section 179
	2012 Crop Protection Product Review
	CHECKLIST: Making Irrigation Plans
	Q&A with Bayer CropScience
	Proposed Changes to Farm Policy

There's something to be said about the fresh start of a new year, a time for putting the past behind and starting the countdown to a new new crop season. It's also time to get your tax records in order. This week we explore the issue of planning and preparing your taxes. Also this week, we're proud to announce the many winners of the 2012 FinOvation Awards.

Thank you for your continued interest and support of Crop News Weekly. Here's hoping the New Year will be a good year for all.

What will your income tax liability be for 2011? If you are a grain farmer, it may be substantial because of high volume for 2010 crops sold in the high-price period of 2011. If you were adversely affected by weather or a livestock producer, your income may have been lower in 2011 and your tax liability may not be as high.

While you still have a couple days left, Purdue University tax specialist George Patrick says there may be some opportunity to adjust income by delivering and selling grain this year and deferring the income into 2012. - Corn & Soybean Digest

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What is your goal in the tax planning process? Most responses are to pay as few taxes as possible, but the “reverse” may also be true, and that is to maximize your after-tax wealth. While those may not always be the perfect yin and yang of Schedule F preparation, effective tax planning should have the goal of maximizing your bank account when all taxes are paid. Most farmers have M.D. degrees (Masters’ of Deductions), but there are many other tax provisions that a good tax planner can help with the goal of increasing wealth.

Depreciation and expensing are keys to successful tax planning, and for many years, farmers lived on their depreciation. Recently the Internal Revenue Code (IRC) Section 179 expensing provision has been one that many farmers have exploited to their advantage and to fill their machine shed. In his annual tax guide for farmers, Purdue economist George Patrick says many recent changes have occurred with Section 179. - Corn & Soybean Digest

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In 2012, growers will have new fungicide and seed treatment options, as well as an array of weed control products for preseason and in-season control of broadleaves and grasses. Several products are still awaiting EPA approval, but their registration is expected in time for the 2012 planting season. - Farm Industry News

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As grain farmers plan to install irrigation systems for next year's crops, a Purdue and Michigan State Extension irrigation specialist says organization is key.

That's why Lyndon Kelley authored a free irrigation planning checklist, available on the Michigan State University Extension news page. - Farm Industry News

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With total sales of $9.22 billion, Bayer CropScience is one of the global leaders in agribusiness. Its seed treatment, herbicide, insecticide and fungicide business accounts for 80% of the company’s sales. Now the company is expanding its role in the biotech arena. In a recent announcement at its world headquarters in Monheim, Germany, Bayer CropScience unveiled plans to double its annual investment in research and development at its BioScience unit by 2015 and to increase overall research and development budgets at Bayer CropScience to more than $1.14 billion by 2015.

Farm Industry News met with the key managers of Bayer CropScience to discuss how the company’s plans for growth will benefit U.S. producers. We spoke with Sandra Peterson, chief executive officer; Lykele van der Broek, chief operating officer; and Rüdiger Scheitza, executive committee member.

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Throughout summer and fall 2011, changes to farm programs hinged on the highly anticipated outcome of the Joint Committee on Deficit Reduction. Commodity organizations and other advocacy groups worked to create a range of proposals for program modifications that would 1) generate contributions to deficit reduction, and 2) continue to provide a strong safety net for agriculture. While the many proposals varied, some general themes did emerge.

First, it is widely viewed (and accepted) that the income support provided through the direct payment program will likely be reduced or completely eliminated. Second, most proposals included some sort of revenue-based program which could potentially replace some of the other commodity programs (i.e. counter-cyclical payments and ACRE). - Corn & Soybean Digest

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