I got into the habit of doing that as an ag teacher in 1971 to justify my existence to the school board and it has served me well over these many years. That log shows where I went, who I talked to and what I pretty much spent that day. I got compliments from our tax lady and from my wife. The one thing I have noticed is my daily log is my lifesaver. Thankfully, I haven't had to do that too much either though they always enter into my decision to buy or sell. I know farmers who make buying and selling decisions largely based on tax consequences. I don't think I've ever worked so hard on taxes in one year. All of our laboring over last year's record amount of records resulted in what I consider a fair tax though it's still a hefty tax.
I can tell you we were one happy couple walking out of WTS Tax Services today. This year there were government problems relating to 1040-F and associated documents and the deadline for filing for farmers was extended to April 15. "Does tax management drive you a little crazy? A little insane? I am thankful we didn't have to file until April 15 this year, that's the latest we've filed in a long time. I raised these questions in the Cafe yesterday: I haven't done the best job of record keeping the last nine years but I think I have done a pretty good job of tax management. My old friend got a good farm for a high price around here but half what neighboring states bring. I had wondered if the 50 cent drop in market price this week would deter anyone and when the bidding died at $4300 I thought maybe it had.Īfter $5800 per acre, I would say not. Land in economically depressed southern Ohio has crept higher, still half that of neighboring states. "Most of these people think I am overpaid anyway," was his response. The lady I referred to made the auctioneers day when her husband asked what the bidders premium was and the auctioneer said there was none. He had to write a check for about $62,000 or ten percent of the purchase price. The farm sold for $5800 per acre or just under $620,000 total. The older farmer finally bid that before the sale ended and that stopped the other bidder, whoever that was. The bids kept creeping up slowly and finally he got to $5775 per acre and asked for $5800. The auctioneer got down to $25 per acre bids but confused himself by saying "I have fifty two two fifty" instead of saying $5225. The auction was slow at this time but kept moving. I spotted an old friend who bid and kissed his wife. I couldn't see who was bidding but it was coming from the big group of farmers in the back of the room. This time the auctioneer said I would take a $50 bid on this fine spring day and the bidding took off again. The bidding took off to $5,000 per acre quickly and at about $5200 it stopped again. She raised her hand and that broke the ice. I was sure it would bring between $5-6000 per acre. I had just told her about the one near me that brought $6,000 an acre. She asked me if $4400 was too much and I said no. The woman next to me was from Cincinnati and I had just met her and her husband. The auctioneer started into his closing chant but we all knew it should bring more than that. The old house even has the old German wood floors those farmers were famous for. It's a nice 106 acre farm 5 miles from us or so near Cuba on old US 68 or Cuba Pike. I believe that is the word I am looking for but there was a lot of group dynamics involved, too. It was an interesting study of people, farmers, economy and socioeconomics. There was another farm auction today at the Elk's Lodge where LuAnn and I bought our last farm in November.
I jotted down these notes yesterday and share them with you today. Most of those are very good but be sure to read labels and ask questions.Blessed Easter Sunday to you all. Some garden centers have their own private label products. They are certainly better than pure synthetic products. We used to allow “bridge†or “transition†products that contain synthetic ingredients but no longer believe that is acceptable for organic programs. Vinegar (Apple Cider and other Fruit-Based Products) SUSTANE PRODUCTS (except those containing urea or other synthetic fertilizers)īASIC MEALS, GENERAL FERTILIZERS AND SOIL AMENDMENTSĬorn Gluten Meal (60% protein or 9-0-0 analysis) NATURE'S GUIDE PRODUCTS (except those containing urea, biosolids or pyrethrum) Medina Growin Green Organic Granular Fertilizer MEDINA PRODUCTS (Except those containing urea or other synthetic fertilizers) CARL POOL ORGANIC PRODUCTS (Except those containing synthetic fertilizers)
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