Sunday, June 26, 2016
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Preview the Paper Preview the Paper

Preview this week's Paper
A limited number of pages are displayed in this preview.
Preview this Week’s Issue ›
Subscribe Today ›

Lost & Found

*Includes FREE photo online! mywcn.com/lostandfound

VideoFound: Great Pyrenees on CR 124, June 5, young male, not neutered, red banded collar, no tag, black spot on tip of tongue, cannot keep. 830-216-2380.

VideoLost: Yellow Maine Coon named Felix, missing since May 22 from F.M. 536, Floresville. Call if found, 210-365-6305.
More Lost & Found ads ›

Help Wanted

Chemical treater truck operator wanted, 2 years experience minimum, must have DOT Class A CDL with hazmat and tanker endorsement. Leave a message at 210-259-7646.
Experienced dog groomer needed as soon as possbile. Call Edna, 210-316-9271.
More Help Wanted ads ›

Featured Videos





Video Vault ›
You’ve been granted free access to this subscribers only article.

Agriculture Today


Farm Bureau urges Congress to keep current tax tools




E-Mail this Story to a Friend
Print this Story
May 22, 2013 | 4,249 views | Post a comment

WASHINGTON, D.C. -- Farmers and ranchers need a tax code to manage the risks associated with agriculture while complying with tax liabilities, according to the American Farm Bureau Federation. In a statement filed May 15 with the House Ways and Means Committee for a hearing on small-business taxation, the American Farm Bureau Federation urged congressional members to maintain cash accounting tools and higher small-business expensing limits in any tax code rewrite, according to a May 15 Farm Bureau press release.

Cash accounting tools, like the deferral of commodity and product receipts and prepaying the cost of livestock feed, fertilizer, and other farm supplies, are important to farmers. Proposed changes to cash accounting rules, which would require some farmers to change to accrual accounting, would be time-consuming and costly to farms and ranches.

“Farmers and ranchers will either have to take time away from running their businesses or pay for help to comply,” said the American Farm Bureau Federation. “Both are harmful in an industry with tight profit margins, unpredictable income streams, and an inability to pass on added expenses to customers.”


Farm Bureau said it supports the continuation of unrestricted cash accounting currently available to most farmers and ranchers and cautioned against reducing the number of partnership types eligible to use the tool.

Further, because farming and ranching require large investments in machinery, equipment, and other depreciable capital, Farm Bureau said it supports maintaining the $500,000, Section 179 small-business expensing limitation and not reducing the $2 million acquisition limit, both of which are scheduled to drop next year respectively to a $25,000 limitation with a $200,000 threshold. Section 179 provides accelerated expensing and depreciation, allowing farmers to better manage cash flow, minimize tax liabilities, and reduce borrowing.

“Whether caused by unpredictable weather that affects crop yields or uncontrollable markets that set the price of goods sold, it is not uncommon for farmers and ranchers to have a year of high income followed by several lean years,” said the American Farm Bureau Federation. “If the Section 179 small business exemption and threshold are allowed to drop at the end of the year, farmers and ranchers will lose some of the accounting flexibility they need to manage their businesses.”
 

Your Opinions and Comments


Be the first to comment on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Agriculture Today Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. County committee nomination period begins (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Hartmann takes the steer by the horns to win state championship (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia FFA wraps up school year with honors, scholarships (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Livestock Market Reports (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Root rot knocks out roses (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TDA Market Recap (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas Hay Report (June 22, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. A student’s ag-related journey (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Family Land Heritage news (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Five dirty truths on agriculture (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Horseherb galloping through yards (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Kristin Storey: South Texas queen to compete for national title (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Livestock Market Reports (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Miller announces assistance for farmers devastated by floods (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. No “rain, rain, go away” as precipitation persists (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Schwartz takes lead as Texas state veterinarian (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TDA Market Recap (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas Hay Report (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas Rural Leadership Program (June 15, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. It’s almost rodeo time in Stockdale (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Livestock Market Reports (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Save seed pods for next fall (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TDA Market Recap (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas Hay Report (June 8, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Big Time Texas Hunts entries now on sale (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Burbridge leads the way in Buck Taylor roping event (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Farm Bureau solicits AgLead, FarmLead participants (June 1, 2016)
June 2016 Gardening Calendar (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Livestock Market Reports (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Save squash from vine borers (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. State Farm Bureau testifies on agricultural use valuation (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. TDA Market Recap (June 1, 2016)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas Hay Report (June 1, 2016)
Coupons ag-right
Voncille Bielefeld homeTriple R DC ExpertsHeavenly Touch homeAllstate & McBride Realty

  Copyright © 2007-2016 Wilson County News. All rights reserved. Web development by Drewa Designs.