"Where Fillmore County News Comes First"
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Friday, October 24th, 2014
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Crop insurance & indemnity payment tax information available


Mon, Jul 7th, 2014
Posted in All Agriculture

MANKATO, Minn. - Torrential spring rains and the flooding that followed has caused many problems for Minnesota farmers. They are faced with many decisions not the least of which are related to their choices regarding what to do about crop insurance. The decisions can have huge financial impacts on the farmer’s profit for the year. Final planting dates have passed for most Minnesota crops so the question is what do we do with the land that was flooded but may be available to plant in a few days?

Although there are choices, federal crop insurance rules are very specific as to what the farmer can do regarding prevented planting. Choices range from planting the insured crop within the late planting period to planting a cover crop with restrictions to leaving the ground unplanted. With many of the choices there is an indemnity payment reduction based upon the farmer’s situation.

If that were not enough, the Internal Revenue Service rules dictate how a farmer is taxed on the crop insurance indemnity payments and whether or not the farmer can defer a portion of the payment. Any crop insurance proceeds are included in taxable income. Current rules dictate that only the portion of an indemnity payment for destruction or damage, that is yield loss, is eligible for deferral to next year’s income. The farmer must determine the portion of payment that is due to crop destruction or damage verses losses due to reduced market price.

There is available, at no cost, a University of Minnesota Extension information sheet that outlines many of the rules and guidelines for federal crop insurance related to prevented planting as well as the tax treatment of indemnity payments. For those who have Internet access, simply go to http://www.extension.umn.edu/agriculture/business/taxation/prevented-plant/. For those without Internet access, contact your local county Extension office or the Farm Information Line by phoning 1-800-232-9077.

Before making a final decision about crop insurance or the tax treatment of an indemnity payment, farmers are urged to meet with their crop insurance agent and tax preparer for information specific to their situation.

University of Minnesota Extension Dairy Educator relocating to Rochester Regional Office

Mon, Jul 7th, 2014
Posted in All Agriculture

As of July 1, Jim Paulson, Extension Educator-Dairy, will be relocating to the Rochester Regional Extension Office from the Willmar Regional Office. Paulson worked from the Rochester office for a few months in 2012, before moving into the office at ..... 
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IOWA’S DAIRY CENTER HOSTING BREAKFAST ON THE FARM ON JUNE 21

Thu, Jun 19th, 2014
Posted in All Agriculture

CALMAR—Join the Northeast Iowa Dairy Foundation for the 5th Annual Breakfast on the Farm event on Saturday, June 21, from 8:30 a.m. – noon, at Iowa’s Dairy Center in Calmar, Iowa. The center is located just south of Northeast Iowa Community Co ..... 
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Youth tractor safety a success

By Jerrold Tesmer

Fri, Jun 13th, 2014
Posted in All Agriculture

The Youth Tractor Safety Training was held Monday, June 9 through Wednesday, June 11. This is a joint effort from the University of Minnesota Extension and area High School Ag instructors. There were 13 students who completed the joint training thi ..... 
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Top Minnesota dairy farms honored for superior cow care

Fri, Jun 13th, 2014
Posted in All Agriculture

ST. PAUL, Minn. – In honor of June Dairy Month, Minnesota Agriculture Commissioner Dave Frederickson released the annual list of top Minnesota dairy herds with low somatic cell counts (SCC). Somatic cell count is a key indicator of milk quality ..... 
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Warmer weather welcomes farmers market season

Fri, May 30th, 2014
Posted in All Agriculture

ST. PAUL, Minn. – Another great farmers market season is underway in Minnesota. Even with the late start to spring, most markets in the southern to metro regions are now open for business, while those in northern Minnesota will be opening ..... 
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History of June as Dairy Month

Fri, May 30th, 2014
Posted in All Agriculture

June Dairy Month, an annual tradition developed to celebrate the dairy industry and its many contributions to our society, originated in 1937. During its first two years, 1937 and 1938, it was called National Milk Month and ran from June 10 to July ..... 
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Dairy Month Trivia

Fri, May 30th, 2014
Posted in All Agriculture

Question: Milk is America’s number one food source for which three key nutrients? Answer: Milk is America’s number one food source for calcium, potassium and vitamin D. Question: How many servings of dairy a day are recommended by the 2010 ..... 
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Blue Valley Holstein to host Dairy Night on the Farm

Fri, May 30th, 2014
Posted in Fountain Agriculture

The owners of Blue Valley Holstein are celebrating June as Dairy Month and inviting everyone to join their party. Bruce and Tracy Wingert and family will be hosting the event at their farm on Saturday, June 21, 2014 from 5:30 - 8:30 p.m. with muc ..... 
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