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Dickey County Leader
Ellendale , North Dakota
December 19, 2013     Dickey County Leader
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December 19, 2013

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Section B -- Times Leader, Thursday, December 19, 2013 I .I NDSU Agriculture Communication Agricultural producers should do tax planning before the end of the year based on the information ' known at this time. Traditionally, producers try to do tax planning to limit their tax liability. "In tax planning, it is best to start with year-to-date income and expenses and estimate them for 1he remainder of the year," says k',on Haugen, North Dakota State University Extension Service farm ~conomist. "Do not forget any income that was deferred to 2013 from a previous year. "Depreciation also needs to be estimated," he says. "It is best to try to spread out income and expenses so producers don't have abnormally Idgh or low income or expenses i~ any one year. However, cau- tion should be used in deferring too much income into future years because it may push you into a higher tax bracket." These are items to note for plan- ]ling 2013 tax returns: The section 179 expense election is $500,000 for 2013. It generally allows producers to deduct up to $500,000 of new or used machinery or equipment purchased in the tax year. There is a dollar-for-dollar phase-out for purchases above $2 million. The section 179 expense election is scheduled to revert to approximately $40,000 ($25,000 base amount adjusted for inflation) for 2014 unless Congress acts. The reduction in this provision greatly affects the ability for producers to reduce taxable income. The additional first-year bonus depreciation is available for 2013. It is available for new property with a recovery period of 20 years or less. It is equal to 50 percent of the adjusted basis after any section 179 expensing. It is scheduled to expire Dec. 31, 2013. Income averaging can be used by producers to spread the tax liability to lower income tax brackets in the three previous years. This is done on schedule J. North Dakota farmers who elect to use income averaging for federal purposes also may use Form ND 1FA (income averaging) for North Dakota income tax cal- culations. Dear Santa, : I've been a good mom all year. I've fed, cleaned and cuddled my two children on demand, visited the doctor's office more than my doctor, : sold sixty-two cases of candy bars to raise money to plant a shade tree on ! the school playground and figured ache after a day of chasing kids (in any color, except purple, which I already have) and arms that don't flap in the breeze but are strong enough to carry a screaming tod- dler out of the candy aisle in the grocery store. I'd also like a waist, since I lost mine somewhere in the n Crop insurance proceeds and gov- ernment crop disaster payments can be deferred to the next tax year if a producer is a cash-basis tax- payer and can show that normally income from damaged crops would be included in a tax year following the year of the damage. A livestock deferral can be done for those who had a forced sale of livestock because of a weather- related disaster. Here is what producers can do before the end of the year to limit their tax liability: Prepay farm expenses. Feed, fer- tilizer, seed and similar expenses can be prepaid. Typically, discounts are received by paying for these expenses in the fall. Producers can deduct prepaid expenses that do not exceed 50 percent of their other deductible farm expenses. Pay real estate taxes or interest. Paying taxes or interest can be done before the end of the year to increase 2013 expenses. Defer income to 2014. Crop and livestock sales can be deferred until the next year by using a deferred confidence, along with one potty- trained toddler, two kids who don't fight and three pairs of jeans that will zip all the way up without the use of power tools. I could also use a recording of Tibetan monks chanting, "Don't eat in the living room" and 'Take your hands off your payment contract. Most grain eleva- tors or sales barns will defer sales until the next tax year. Producers should be aware that they are at risk if the business becomes insolvent before the check is received and cashed. Purchase machinery or equip- ment. Machinery or equipment pur- chases can be made before the end of the year to get a depreciation or 179 expense deduction in 2013. Contribute to a retirement plan such as a simplified employee pen- sion plan, savings incentive match plan for employees, individual retirement account or a solo 401K. Information on agricultural top- ics can be found in the Farmers Tax Guide, Publication 225. It can be obtained at any IRS office or can be ordered by calling (800) 829-3676. Any questions about these topics should be addressed to your tax professional or the IRS at (800) 829- 1040 or North Dakota income tax questions can be addressed to the North Dakota Tax Department at (877) 328-7088 or it be too much trouble to declare ketchup a vegetable? It will clear my conscience immensely. It would be helpful if you could coerce my children to help around the house without demanding payment as if they were the bosses of an organized crime family; or if my toddler didn't Washington, DC - Fifteen years after the 1998 state tobacco settle- ment, North Dakota ranks 1st in the nation in funding programs to prevent kids from smoking and help smokers quit, according to a nation- al report released today by a coali- tion of public health organizations. North Dakota currently spends $9.5 million a year on tobacco pre- vention and cessation programs, which meets the funding level rec- ommended by the U.S. Centers for Disease Control and Prevention (CDC). North Dakota is one of only two states, along with Alaska, that currently fund tobacco prevention programs at CDC-recommended levels. Other key tlndmgs for North Dakota include: North Dakota this year will collect $64.3 million in revenue from the 1998 tobacco settlement and tobacco taxes and will spend just 14.8 percent of it on tobacco prevention programs. The tobacco companies spend $27.9 million a year to market their products in North Dakota. This is 3 times what the state spends on tobacco prevention. The annual report on states' fund- ing of tobacco prevention programs, titled "A Broken Promise to Our Children: The 1998 State Tobacco Settlement 15 Years Later," was released by the Campaign for Tobacco-Free Kids, American Heart " out how to attach nine patches onto seventh month of my last pregnancy, brother,' because my voice seems to look so cute sneaking downstairs Association, American Cancer ' Society Cancer Action Network, my daughter's girl scout sash with If you're hauling big ticket items this be just out of my children's hear- to eat contraband ice cream in his American Lung Association, the staples and a glue gun. year I'd like a car with fingerprint ing range and can only be heard pajamas at midnight. Robert Wood Johnson Foundation ' I was hoping you could spread my resistant windows and a radio that by the dog. And please don't forget Well, Santa, the buzzer on the and Americans for Nonsmokers n ing kids from smoking, helping smokers quit and protecting all its citizens from harmful secondhand smoke," said Matthew L. Myers, President of the Campaign for Tobacco-Free Kids. "North Dakota is making a smart investment in tobacco prevention that will save lives and save money by reducing tobacco-related health care costs. To further reduce tobacco use, North Dakota's leaders should also increase the tobacco tax." In North Dakota, 19.4 percent of high school students smoke, and 400 more kids become regular smokers each year. Tobacco annu- ally claims 800 lives and costs the state $247 million in health care Dills. Nationally, the repoa finds that most states are failing to adequately fund tobacco prevention and cessa- tion programs. Key national find- ings of the report include: The states this year will collect $25 billion from the tobacco settle- ment and tobacco taxes, but will spend just 1.9 percent of it - $481.2 million - on tobacco prevention programs. This means the states are spending less than two cents of every dollar in tobacco revenue to fight tobacco use. States are failing woefully short of the CDC's recommended fund- ing levels for tobacco prevention programs. Altogether, the states have budgeted just 13 percent of the $3.7 billion the CDC recommends. There is more evidence than ever before that tobacco preven- tion and cessation programs work to reduce smoking, save lives and " list out over several Christmases, only plays adult music; a television ~ the Play~doh Trayel Pock, the hot- dryer is ringing and my son saw my Rights. save money. Florida, which has a ~ , since I had to write this letter with that doesn't broadcast any programs ~ test~ s~eking st~ffer this year for feet under the4aundry ~room xl~: : /~A. 2Q0~, vDter:~proved ballc~ ~ll-funded; sustained-tobacco pre- nay son's red crayon, on the back containing talking animals; and a mothers of preschoolers. It comes :I think he wants his crayon back. initiative requires North Dakota v~mtio~ilt~oglam, reglu~eed its,high ]: to fund a tobacco prevention and school smoking rate to just 8.6 per- I of a receipt in the laundry room refrigerator with a secret compart- in three fluorescent colors and is Have a safe trip and remember to cessation program at the CDC- cent in 2013, far below the national ; between cycles, and who knows meat behind the crisper where I can guaranteed to crumble on any car- leave your wet boots by the chim- recommended level. In just two rate. One study found that during i when I'll find anymore free time in hide to talk on the phone, pet making the in-laws' house seem Hey and come in and dry off by the years, ~from 2009 to 2011, North the first 10 years of its tobacco ' the next 18 years. On the practical side, I could use just like mine. If it's too late to find fire so you don't catch a cold. Help Dakota reduced smoking amongprevention program, Washington Here are my Christmas wishes: a talking daughter doll that says, any of these products, I'd settle for yourself to cookies on the table but high school students by 13.5 per- '' cent (from 22.4 percent to 19.4 ,I d like a pair of legs that don t Yes, Mommy to boost my parental enough time to brush my teeth and don t eat too many or leave crumbs percent who smoke). " ] )4 ' comb my hair in the same morning, on the carpet. Noah Dakota made further prog- i S'+1' ~0e ~ ~ ~~LIlll~~ or the luxury of eating food warmer Yours Always Mom. ress in 2012 when voters over- :i than room temperature without it P.S. - One more thing you can whelmingly approved a compre- * = ~ -- '~ ~ ~ ~~E~ being served in a Styrofoam con- cancel all my requests if you can hensive smoke-free law that applies --- tainer. If you don't mind I could keep my children young enough to to all workplaces, including restau- "-'- -----" ~ also use a few Christmas miracles to believe in Santa. rants and bars. Health advocates . :-----. S-. ~ ~ ~ brighten the holiday season. Would are urging North Dakota leaders to " also increase the state's cigarette ~,-,-~,~,~ ~ ~ ,~ tax, which at just 44 cents per pack ,~ ranks 46th in the nation and is well ]t4ay Your Item be below the state average of $1.53 BROKER- PETE AWENDER 701-742-2456 r~ ~ "" "" ~' per pack. RSON 701-210-0607 :: .ao y, ~sful local butcher ~ ~ o Warm & Jo;ful We applaud North Dakota for ~J~l spection and local ~ ~" ~ ~ t ~ . its strong commitment to prevent- ~portunity for anyone . Z : Throughout the interested~usinquiries only. ~ : ; " ~ . " = - Holiday" Season! o. Guelph News 8366 HWY 1, Oakes, ND ~ ' ~ - - ~ ~ (continued from page 6) : ,: Check out the Off the Shuelph " ~ Dutch Auction at R & R in Oakes '~ ~ ~'~ ~ ,~[ and at the Guelph School---starting ~O q ~ff r'~r'/~"5"= '~iTL "')r~:~j~ffl~7~ '='~ ~ Tuesday 10% OFF, Thursday 15%, : t ~)~L,~,VA ,a:':. ~:o.-,~:-~a ~ ~ S ~ w-z,-~,~='~ ~'JU~-- ."Z ~ ; Friday 20% off, Saturday thru the ~ end of December 25% OFF. Happy i . 1-888-880-5255 [ Shopping. :,: ~ ~ .~.~ s~ ,'z =a s =u. ~o~.~aa-~,~ : Jesus is making a list, and check- *~'~'+~ ~'~"~" ** ~ ~ ing it twice. Is your name written in e Wishing you and your family happiness this holiday season. Thank you for letting Modern Woodmen of America serve you this past year. Presidents Club Patrice Koerselman* FICF, CLU, ChFC 7002 Sunnyside St. Horace, ND 58047 701-282-6427 Modern Woodmen FRATERNAL FINANCIAL Touching lives. Securing futures. HOLG0312 DICKEY COUNTY FARMLAND FOR SALE Sealed bids will be received for the real estate described as follows: SVa of Sec. 20-132-64 Subject to easements and reservations of record. Bids for this property may be submitted to Kimberly J. Radermacher, P.O. Box 39, Ellendale, ND 58436 on or before December 20, 2013, at 12:00 p.m. when they will be opened. Any persons submitting a bid may orally raise their bids on December 20, 2013, at 1:00 p.m. at Radermacher Law Firm, P.C 216 Main Street, Ellendale, ND 58436. The terms of sale shall be 10% down at the time of the bid acceptance. The balance shall be paid in full iwithin thirty (30) days from the date an abstract of title showing good and marketable title is furnished to the buyer. Financing must be arranged before bidding. Seller is reserving 50% of the mineral rights, including but not limited to oil, gas, other hydrocarbons, clay, gravel and scoria, not )reviously reserved. Seller reserves the right to reject any and all bids. Contact Attorney Kimberly Radermacher for bidding packet and for additional information at 701-349-3665. Heirs of Dorothy Stahlecker, Owners HIS book of life? Come join us at Guelph Community Church at 9am NO MORE SCRAPING WINDOWS! state saved more than $5 in tobac- co-related hospitalization costs for every $1 spent on the program. Tobacco use is the number one cause of preventable death in the U.S killing more than 400,000 people and costing $96 billion in health care bills each year. Nationally, about 18 percent of adults and 18.1 percent of high school students smoke. More information, including the full report and state-specific infor- mation, can be obtained at www. meats. on Sunday for worship and fellow- ship. Christmas Eve service at 2PM on December 24th. Pastor Kelley Lovelace offering prayer and a lov- ing message. THOUGHT FOR THE WEEK: A good conscience is a continual Christmas. Benjamin Franklin I I | To Get , Installed ' :Before* )))SOUND DECISIONS YOUR ELEgTRONI .5 5PE~AL~IS