'Farmers would feel impact of proposed child labor law changes'
(Kansas City Star) -- KansasCity.com reports that child labor proposals from the U.S. Department of Labor "have stirred alarm and confusion among family farms, where children have been pitching in since mankind's earliest harvests." According to the story, under the DOL rules, "parents could still employ their sons and daughters under age 16 if the work is done outside school hours," but "paid workers age 15 and younger would be barred from operating tractors, combines, ATVs and almost all power-driven equipment, unless they obtain special certification." And "youths under the age of 18 would not be allowed to work at grain elevators, silos, feed lots, livestock auctions or in the transporting of raw farm materials."
To read more on this article: ARTICLE
Tuesday, January 10, 2012
FARM EXPORTS
The Federal Reserve Bank of Kansas City tabulated farm exports. These percentages are based upon their estimates for 2011-2020.
The share of the US crops that is exported each year:
Wheat – 46%
Corn – 15%
Rice – 53%
Soybeans – 47%
Cotton – 81%
The US share of total world crop exports:
Wheat – 18%
Corn – 53%
Rice – 11%
Soybeans – 39%
Cotton – 35%
The share of livestock that is exported:
Beef 10%
Pork 22%
Poultry 17%
Wednesday, January 4, 2012
NEBRASKA CORN BOARD CELEBRATES
The Nebraska Corn Board celebrated the end of 2011 with a victory when Judge Lawrence J. O’Neill struck down California’s low carbon fuel standard. To read more: CLICK HERE
Tuesday, January 3, 2012
IRA CONTRIBUTION AND YOUR AGE
Q: For someone 60 what is the maximum IRA contribution? What about if you are 50?
A: If you are 50 years of age or older before the end of 2012, the maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 ($5,000 plus $1,000 catch up) or the amount of your taxable compensation. This limit can be split between a traditional and a Roth IRA but the combined limit is $6,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending on your modified adjusted gross income. There can be further limitations for individuals who also participate in an employer provided plan.
If you are age 50 or older and have a SIMPLE IRA, the maximum contribution is different. The base amount is 100% of your compensation up to $11,500 and the catch up amount is $2,500, for a maximum contribution of $14,000. There is no phase out.
Of course to complicate matters there are some exceptions. If you are covered by a retirement plan at work here are the phase outs. CLICK HERE
If your spouse is covered by a pension plan then there are some different phase outs. CLICK HERE
A: If you are 50 years of age or older before the end of 2012, the maximum contribution that can be made to a traditional or Roth IRA is the smaller of $6,000 ($5,000 plus $1,000 catch up) or the amount of your taxable compensation. This limit can be split between a traditional and a Roth IRA but the combined limit is $6,000. The maximum contribution to a Roth IRA and the maximum deductible contribution to a traditional IRA may be reduced depending on your modified adjusted gross income. There can be further limitations for individuals who also participate in an employer provided plan.
If you are age 50 or older and have a SIMPLE IRA, the maximum contribution is different. The base amount is 100% of your compensation up to $11,500 and the catch up amount is $2,500, for a maximum contribution of $14,000. There is no phase out.
Of course to complicate matters there are some exceptions. If you are covered by a retirement plan at work here are the phase outs. CLICK HERE
If your spouse is covered by a pension plan then there are some different phase outs. CLICK HERE
Monday, January 2, 2012
SENATORS TO DOL: WITHDRAW CHILD FARMING REGULATIONS
(The Hill) -- TheHill.com reports that "30 senators are calling on Labor Secretary Hilda Solis to withdraw immediately proposed federal rules that would limit the work that young people can perform on farms." The effort is being led by U.S. Sens. Jerry Moran (R-Kansas) and Ben Nelson (D-Neb.). According to the story, "the new regulations would forbid children younger than 16 years of age from completing 'agricultural work with animals and in pesticide handling, timber operations, manure pits and storage bins,'" while prohibiting them "from handling most 'power-driven equipment' and from contributing to the 'cultivation, harvesting and curing of tobacco.'" Rep. Denny Rehberg (R-Mont.) said "the rules are proof that officials in the Obama administration do not understand rural life. 'You've got a president of the United States ... from Chicago, you've got a director for secretary of Labor who's pushing this from Los Angeles, and you have to think to yourself, do you have any idea what it's like not just to run an agricultural business in a rural state ... but to raise a family in one.'"
To read more about this: CLICK HERE
To read more about this: CLICK HERE
Sunday, January 1, 2012
HAPPY NEW YEAR
We wish all of our readers a very happy New Year. We started this blog over two years ago and every month without fail we have ever increasing readership. From just having a couple of comments and questions per month to probably having at least 5 a week, we have enjoyed every day of interacting with the readers. We hope the information has been useful and look forward to providing even more in 2012.
We wish everyone a prosperous New Year and we shall see what surprises 2012 bring.
We wish everyone a prosperous New Year and we shall see what surprises 2012 bring.
WHAT'S YOUR BUSINESS NEW YEAR'S RESOLUTION?
Here are a few helpful end of year steps to help get your 2012 year off to a good start.
1. Examine your Financials - The first step is you must get your financials in order. In order to set new financial goal you must have real life numbers from 2011. Without these it will be impossible to set 2012 bench marks. By analyzing your Profit & Loss Statement you can review your total net sales (revenues), cost of sales, gross profit, profit margin, controllable expenses, as well as fixed expenses. Understand what your numbers are telling you.
2. Review last year's Goals - Don't just jump and begin creating your 2012 goals. Begin this process by reviewing your 2011 goals and compare your financial successes. A key question to ask yourself is "Did your business accomplish what you set out to do?" "Did it meet your 2011 finical goals?" Even though these questions can be painful, these important questions will assist you in creating a new action plan for 2012. Goal’s are a great ‘road map’ to reflect where you’re planning to go, however, if you throw the map in the glove box & drive by the seat of your pants you may or may not end up at the anticipated destination.
3. Planning for the coming year - Now that you have a clear picture of your successes and perhaps areas of opportunities, you can begin to do some business planning for the New Year. Set clearly defined 2012 year's goals. Implement an action plan for each goal and create deadlines for each action step.
With a little planning and organization, your Business New Year's Resolutions for 2012 will be a huge success.
Do you need help on how to make 2012 goals for your business? Isn't this what you want from your Trusted Business Advisor? Email us today and start your year off on the right foot!
1. Examine your Financials - The first step is you must get your financials in order. In order to set new financial goal you must have real life numbers from 2011. Without these it will be impossible to set 2012 bench marks. By analyzing your Profit & Loss Statement you can review your total net sales (revenues), cost of sales, gross profit, profit margin, controllable expenses, as well as fixed expenses. Understand what your numbers are telling you.
2. Review last year's Goals - Don't just jump and begin creating your 2012 goals. Begin this process by reviewing your 2011 goals and compare your financial successes. A key question to ask yourself is "Did your business accomplish what you set out to do?" "Did it meet your 2011 finical goals?" Even though these questions can be painful, these important questions will assist you in creating a new action plan for 2012. Goal’s are a great ‘road map’ to reflect where you’re planning to go, however, if you throw the map in the glove box & drive by the seat of your pants you may or may not end up at the anticipated destination.
3. Planning for the coming year - Now that you have a clear picture of your successes and perhaps areas of opportunities, you can begin to do some business planning for the New Year. Set clearly defined 2012 year's goals. Implement an action plan for each goal and create deadlines for each action step.
With a little planning and organization, your Business New Year's Resolutions for 2012 will be a huge success.
Do you need help on how to make 2012 goals for your business? Isn't this what you want from your Trusted Business Advisor? Email us today and start your year off on the right foot!
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