NEWS
Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri May 30, 2014 01:29 PM CDT

There is a perception that writing a check to your church or other charity produces a full tax deduction. But that's becoming increasingly problematical. For upper income filers (over $250,000 of adjusted gross income on the 1040), itemized deductions, including charitable contributions, are subject to phase-out. And for others, especially those without large residential mortgage interest deductions, the itemized deductions are often of modest benefit due to the standard deduction alternative of over $12,000. Bottom line: A $10,000 charitable contribution may be effectively reduced to a smaller deduction as it works its way through your 1040.

Here are some strategies ...

Quick View
  • Stay on Top of SDS The distinctive yellow patches of sudden death syndrome (SDS) are surfacing in soybean fields acr...
  • Ample Stocks Ahead Drought recovery in many areas has led to higher stocks, brighter production prospects and modera...
  • Precision Ag Potential Pending Precision agriculture proponents insist the industry can revolutionize agriculture, but first mor...
  • Cash Rent Reset - 2 Iowa farmland owners Fred and Lodean Cook may consider flexible cash leases for the first time th...
  • Iowa Land Gets a Bounce Key Midwest land values are stuck in neutral or sliding below 2014 levels, recently released opin...
  • Canadian Dairy Conundrum Coping with Canada's dairy industry import tariffs and supply controls remains one of the stickin...
  • Klinefelter: By the Numbers Deteriorating profit margins flip the fortunes of big renters and conservative owner-operators. I...
  • Training for Sustainability The Hmong American Farmers Association is helping producers who migrated to the United States fol...
  • Ask the Vet What are these crusty scabs on my cattle?
Related News Stories
Senior Partners - 4
Senate Panel OKs Tax-Extenders Bill
Ask the Taxman by Andy Biebl