As 2011 draws to a close, so do opportunities for farmers to take advantage of certain provisions of the federal tax code, said OSU Extension-Ashtabula County educator David Marrison.
"The ability for bonus depreciation is changing, so if you're looking to make capital expenditures, this is the year to do it," Marrison said. "You can depreciate 100 percent now, it will go to 50 percent next year, and after that it could go away completely depending on what Congress does."
Marrison said during the past decade, Congress repeatedly has allowed faster depreciation of capital assets to stimulate business investment by providing a "bonus" depreciation allowance in the year the asset is bought.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 extended the depreciation bonus for 2011 and 2012 to encourage new equipment purchasing. The additional first-year depreciation rules allow farmers to deduct on their 2011 income tax returns 100 percent of the cost of qualifying assets purchased in 2011 and 50 percent of the cost of qualifying assets in 2012.
The ability to write off capital purchases, however, isn't justification to make purchases just for the sake of limiting tax liabilities.
"Don't buy new paint or new steel without doing a comprehensive business analysis," Marrison advised. "Don't buy it just to buy it, but make sure it fits with your business plan and farm needs."
December is a key month for farmers as they finish harvest and consider last-minute strategies to manage potential tax liabilities. The Ohio Ag Manager newsletter is one resource to help understand potential opportunities, as well as impending changes to the tax code.
Farmers Tax Guides are available at Extension offices across the state. They give the latest information on what's new for 2011 and what might be new for 2012. Stop by and pick one up along with OSU Extension's 2011 Corn, Soybean and Forage Performance Trials booklet.
Mark Mechling is an extension educator, agriculture and natural resources, Muskingum County with The Ohio State University Extension Office and can be reached at (740) 454-0144 or mechling.1@osu.edu
Monday, December 19, 2011
Wednesday, November 30, 2011
What is farm insurance in India?
Property home insurance has become a common term in India. They are getting home insurance quote and making regular efforts to get the best home insurance from leading companies in India. However, farm insurance has not been considered as seriously as it should by farmers and other individual around the country. They don't understand that the plan will definitely safeguard them from potential money loss due to varied types of problems including natural calamities. This is not all. The plan will also work towards reducing the number of unfortunate suicides happening in the country these days due to extra burden on farmers to work hard with many profits.
Farm insurance risks covered:
The farm insurance plans work towards offering ahighly comprehensive risk insurance plan to cover the yield losses that might occur to the agricultural production of small and marginal farmers as a result of unavoidable risks.
The farm insurancewill cover you for the risks stated below:
• Natural Fire
• Lightning
• Storm
• Hailstorm
• Cyclone
• Typhoon
• Tempest
• Hurricane
• Tornado
• Flood
• Inundation
• Landslide
• Drought
• Dry spells
• Pests
• Diseases
The crops insurance risks will not cover any losses that arise due out to war and nuclear risks, malicious damage and various other risks that are categorised under preventable risks.The sum insured under the farm insurance risks covered usually spreads to the overall value of the threshold production of the insured crop. The best thing about this kind of an insurance plan is that it will include farmers who have taken heavy loans for crops and other agricultural necessities.
The farm insurance in India is a boon to all farmers and those associate to the farming industry. Many companies offering property home insurance are now offeringfarm insurance plans. You must reach out to some of the home insurance quoteand farm insurance quote sites to get a plan that is tailor made for your requirements.
The farm insurance in India is a boon to all farmers and those associate to the farming industry. Many companies offering property home insuranceare now offeringfarm insurance plans. You must reach out to some of the home insurance quoteand farm insurance quote sites to get a plan that is tailor made for your requirements.
Farm insurance risks covered:
The farm insurance plans work towards offering ahighly comprehensive risk insurance plan to cover the yield losses that might occur to the agricultural production of small and marginal farmers as a result of unavoidable risks.
The farm insurancewill cover you for the risks stated below:
• Natural Fire
• Lightning
• Storm
• Hailstorm
• Cyclone
• Typhoon
• Tempest
• Hurricane
• Tornado
• Flood
• Inundation
• Landslide
• Drought
• Dry spells
• Pests
• Diseases
The crops insurance risks will not cover any losses that arise due out to war and nuclear risks, malicious damage and various other risks that are categorised under preventable risks.The sum insured under the farm insurance risks covered usually spreads to the overall value of the threshold production of the insured crop. The best thing about this kind of an insurance plan is that it will include farmers who have taken heavy loans for crops and other agricultural necessities.
The farm insurance in India is a boon to all farmers and those associate to the farming industry. Many companies offering property home insurance are now offeringfarm insurance plans. You must reach out to some of the home insurance quoteand farm insurance quote sites to get a plan that is tailor made for your requirements.
The farm insurance in India is a boon to all farmers and those associate to the farming industry. Many companies offering property home insuranceare now offeringfarm insurance plans. You must reach out to some of the home insurance quoteand farm insurance quote sites to get a plan that is tailor made for your requirements.
State Farm Insurance
The Beginnings
State Farm insurance began in 1922, the invention of a man named George J. Mecherle. Mecherle thought that he could come up with a better insurance company than the rest, offering better coverage and great rates. So he did. Something about Mecherle's vision was right - more than eighty years later, State Farm Insurance is still going strong.
"In just over 80 years, State Farm Insurance Companies® has grown from a small farm mutual auto insurer to one of the world's largest financial institutions. But despite State Farm's growth, Mecherle's original philosophy of insurance coverage at a fair price coupled with fair claim settlement has remained."
State Farm web site, May 2006
State Farm, Today
With 25 operations centers in 13 zones, these days State Farm employs 79,200 people, including 16,700 plus agents. State Farm actively services 71.6 million insurance policies in the United States and Canada. Many awards have been received by State Farm for their equal opportunity employing methods, and for the number of jobs the company has created. State Farm strives to give back to the community, participating in many programs to further education and safety, including awarding grants and scholarships.
The Future of State Farm
"Our vision for the future is to be the customer's first and best choice in the products and services we provide. We will continue to be the leader in the insurance industry and we will become a leader in the financial services arena. Our customers' needs will determine our path. Our values will guide us."
- State Farm web site, May 2006
What State Farm Offers
State Farm can take care of all your insurance needs. They offer most types of insurance coverage. All the usual suspects of auto, home, life, renter's, and supplemental medical insurance are available through State Farm. Other insurance offerings include condo, long-term care, and Medicare supplement. The State Farm web site is very user-friendly and easy to use. Using the web site, consumers can obtain a quote on any type of policy named above, or find an agent, both within minutes. Answering a few quick questions will lead you to a free online quote, and a search feature makes finding an agent simple work.
You can also reach State Farm agents through online insurance quote web sites. This offers you the ability to compare rates from State Farm and from other independent agents or companies. Inquire with the site in question about the companies that will be providing a quote.
"State Farm's mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams."
- State Farm web site, May 2006
Other Services
Not only does State Farm provide you with quality insurance, but the web site is a wealth of tools and information. A helpful learning center exists online for any who would like to learn more about retirement planning, college planning, savings strategies, prevention and safety, or life stages such as having a baby, marriage, or buying a home. There's even a "kid's stuff" section. Consumers can learn about reasons to have car insurance and what insurance policies do for you, and what they can mean in your life.
Trust
State Farm is truly one of the oldest names in insurance, and theirs is a name you can trust. If State Farm did not provide excellent customer service and satisfaction, there's no way there would still be going strong. Often, it's much cheaper to buy all your insurance plans through one carrier than through several different companies. State Farm can provide for all your insurance needs, without making you spend a fortune. Isn't it better to use a company you know you can depend on?
State Farm insurance began in 1922, the invention of a man named George J. Mecherle. Mecherle thought that he could come up with a better insurance company than the rest, offering better coverage and great rates. So he did. Something about Mecherle's vision was right - more than eighty years later, State Farm Insurance is still going strong.
"In just over 80 years, State Farm Insurance Companies® has grown from a small farm mutual auto insurer to one of the world's largest financial institutions. But despite State Farm's growth, Mecherle's original philosophy of insurance coverage at a fair price coupled with fair claim settlement has remained."
State Farm web site, May 2006
State Farm, Today
With 25 operations centers in 13 zones, these days State Farm employs 79,200 people, including 16,700 plus agents. State Farm actively services 71.6 million insurance policies in the United States and Canada. Many awards have been received by State Farm for their equal opportunity employing methods, and for the number of jobs the company has created. State Farm strives to give back to the community, participating in many programs to further education and safety, including awarding grants and scholarships.
The Future of State Farm
"Our vision for the future is to be the customer's first and best choice in the products and services we provide. We will continue to be the leader in the insurance industry and we will become a leader in the financial services arena. Our customers' needs will determine our path. Our values will guide us."
- State Farm web site, May 2006
What State Farm Offers
State Farm can take care of all your insurance needs. They offer most types of insurance coverage. All the usual suspects of auto, home, life, renter's, and supplemental medical insurance are available through State Farm. Other insurance offerings include condo, long-term care, and Medicare supplement. The State Farm web site is very user-friendly and easy to use. Using the web site, consumers can obtain a quote on any type of policy named above, or find an agent, both within minutes. Answering a few quick questions will lead you to a free online quote, and a search feature makes finding an agent simple work.
You can also reach State Farm agents through online insurance quote web sites. This offers you the ability to compare rates from State Farm and from other independent agents or companies. Inquire with the site in question about the companies that will be providing a quote.
"State Farm's mission is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams."
- State Farm web site, May 2006
Other Services
Not only does State Farm provide you with quality insurance, but the web site is a wealth of tools and information. A helpful learning center exists online for any who would like to learn more about retirement planning, college planning, savings strategies, prevention and safety, or life stages such as having a baby, marriage, or buying a home. There's even a "kid's stuff" section. Consumers can learn about reasons to have car insurance and what insurance policies do for you, and what they can mean in your life.
Trust
State Farm is truly one of the oldest names in insurance, and theirs is a name you can trust. If State Farm did not provide excellent customer service and satisfaction, there's no way there would still be going strong. Often, it's much cheaper to buy all your insurance plans through one carrier than through several different companies. State Farm can provide for all your insurance needs, without making you spend a fortune. Isn't it better to use a company you know you can depend on?
Monday, September 12, 2011
Home insurance companies set up for claims from wildfires
Working from vans and temporary tents set up in parking lots, insurance agents spent Tuesday helping owners of fire-damaged homes file claims.
"We've been hearing of many total losses," said Jerry Davies, a spokesman with Farmers Insurance. "The first concern is helping customers find a place to live, food and clothing. Then we begin the process of the claims."
Farmers, State Farm, Allstate and other insurers have declared the Central Texas fires a catastrophe, which means they are sending in specialized claims workers and equipment to help customers through the process.
Although it's too soon to determine the total amount of insured property losses caused by Texas wildfires, 2011 will be the worst in state history, said Mark Hanna, a spokesman for the Insurance Council of Texas, a trade association of about 500 insurers.
The previous record was set in 2009, when fires caused more than $100 million in insured property damages statewide.
"This weekend, we just surpassed it by a long shot," Hanna said. "Unfortunately, conditions are right in the entire state for this to continue."
A dirt lot at St. Luke's on the Lake Episcopal Church on RM 620 served as a makeshift base for Farmers and State Farm adjusters, who worked with customers from nearby Steiner Ranch. Using laptops, satellite systems and Wi-Fi, they accessed policies, filled out forms and, in some cases, issued checks for emergency living expenses.
"Many in Steiner Ranch still don't know the extent of the damage because they haven't been able to see their homes yet," State Farm adjuster Shane Fordham said. "They're stopping by with questions about how to get started."
State Farm policyholders in Central Texas had filed 210 claims as of Tuesday afternoon, and that number was expected to continue to rise, said Patti Kelly, a spokeswoman for the state's largest insurer.
Brady Webster, a Farmers Insurance field claims supervisor who lives in Bastrop, said urban wildfires are different from many disasters.
"Typically our catastrophes are hail storms, hurricanes and wind storms," Webster said. "By the time we've reacted, the disaster has occurred. This event just keeps going."
On Tuesday, people showed up at an emergency claim center on Texas 71 in Bastrop to begin filing claims even as black-and-white smoke billowed over the city's horizon.
"Most of our walk-ups want to file their claim and tell their story," Webster said. "But many are working on assumptions and hearsay. They don't know if their house is gone or whether their animals are alive."
Many residents couldn't confirm the damage to their homes because Bastrop-area neighborhoods remained closed Tuesday as firefighters struggled to contain the fire.
Insurance officials have encouraged people who have been evacuated to make contact with their insurance agent whether they know if their home is damaged or not. Once an insurance company has received a claim, it has 15 days to say whether it has accepted or rejected the claim. Most policies allow for an appraisal process to settle claim disputes.
As the threat of wildfires continues, officials are urging all Central Texas homeowners to have insurance, banking and other paperwork in order and easy to access in case of sudden evacuation.
"We've been hearing of many total losses," said Jerry Davies, a spokesman with Farmers Insurance. "The first concern is helping customers find a place to live, food and clothing. Then we begin the process of the claims."
Farmers, State Farm, Allstate and other insurers have declared the Central Texas fires a catastrophe, which means they are sending in specialized claims workers and equipment to help customers through the process.
Although it's too soon to determine the total amount of insured property losses caused by Texas wildfires, 2011 will be the worst in state history, said Mark Hanna, a spokesman for the Insurance Council of Texas, a trade association of about 500 insurers.
The previous record was set in 2009, when fires caused more than $100 million in insured property damages statewide.
"This weekend, we just surpassed it by a long shot," Hanna said. "Unfortunately, conditions are right in the entire state for this to continue."
A dirt lot at St. Luke's on the Lake Episcopal Church on RM 620 served as a makeshift base for Farmers and State Farm adjusters, who worked with customers from nearby Steiner Ranch. Using laptops, satellite systems and Wi-Fi, they accessed policies, filled out forms and, in some cases, issued checks for emergency living expenses.
"Many in Steiner Ranch still don't know the extent of the damage because they haven't been able to see their homes yet," State Farm adjuster Shane Fordham said. "They're stopping by with questions about how to get started."
State Farm policyholders in Central Texas had filed 210 claims as of Tuesday afternoon, and that number was expected to continue to rise, said Patti Kelly, a spokeswoman for the state's largest insurer.
Brady Webster, a Farmers Insurance field claims supervisor who lives in Bastrop, said urban wildfires are different from many disasters.
"Typically our catastrophes are hail storms, hurricanes and wind storms," Webster said. "By the time we've reacted, the disaster has occurred. This event just keeps going."
On Tuesday, people showed up at an emergency claim center on Texas 71 in Bastrop to begin filing claims even as black-and-white smoke billowed over the city's horizon.
"Most of our walk-ups want to file their claim and tell their story," Webster said. "But many are working on assumptions and hearsay. They don't know if their house is gone or whether their animals are alive."
Many residents couldn't confirm the damage to their homes because Bastrop-area neighborhoods remained closed Tuesday as firefighters struggled to contain the fire.
Insurance officials have encouraged people who have been evacuated to make contact with their insurance agent whether they know if their home is damaged or not. Once an insurance company has received a claim, it has 15 days to say whether it has accepted or rejected the claim. Most policies allow for an appraisal process to settle claim disputes.
As the threat of wildfires continues, officials are urging all Central Texas homeowners to have insurance, banking and other paperwork in order and easy to access in case of sudden evacuation.
Farm insurance hard to understand
What is the biggest difficulty facing the agriculture insurance pilot programme one month into its implementation?
The first difficulty is that premium rates and pay out schedules have yet to be established to attract farmers to purchase agricultural insurance. Second, the programme requires farmers to follow specific production guidelines.
The Ministry of Agriculture and Rural Development (MARD) recently issued production process guidelines for cultivation and breeding. All farming households involved in the production process will be insured to minimise fragmented farming. We can not wait until farmers finish land aggregation to implement agriculture insurance.
Accordingly, it is possible to insure an entire production zone, meaning anyone in that area, regardless if they have one sao (equivalent to 360 sq.m) or one hectare of production area, is eligible for the insurance provided that they follow MARD production process guidelines as well as all local regulations.
Localities are still identifying production zones for the pilot programme.
What reactions have farmers had to agriculture insurance?
They feel inspired when taking part in the agriculture insurance programme. However, participating households have found it difficult to follow the production guidelines. Non-participating households might find the guidelines tough to follow but we will try our best to help them obey the proper processes.
The Ministry of Labour, Invalids and Social Affairs recently completed its surveys of poor households. By this I mean the number of poor households has been specified.
However, the life of a farmer is precarious and natural disasters could easily push them back into poverty. Therefore, the number of poor households will be adjusted every year, which will also provide a basis to determine how much support they will receive when taking part in the agriculture insurance programme.
What have the Ministry of Agriculture and Rural Development, cities and provinces done to provide agriculture insurance?
We disseminated information about the program-me to farmers in targeted provinces immediately after a related Prime Minister decision came into effect on July 1.
The agriculture ministry also informed them about which natural calamities, epidemic diseases and production process they would be insured against. It invited all localities taking part in the pilot programme to contribute opinions to legal documents relevant to agriculture insurance.
It asked participating localities to set up steering committees for the implementation of agriculture insurance. It is relatively easy to implement insurance with cultivation and aquaculture but that is not the case with the husbandry sector. — VNS
The first difficulty is that premium rates and pay out schedules have yet to be established to attract farmers to purchase agricultural insurance. Second, the programme requires farmers to follow specific production guidelines.
The Ministry of Agriculture and Rural Development (MARD) recently issued production process guidelines for cultivation and breeding. All farming households involved in the production process will be insured to minimise fragmented farming. We can not wait until farmers finish land aggregation to implement agriculture insurance.
Accordingly, it is possible to insure an entire production zone, meaning anyone in that area, regardless if they have one sao (equivalent to 360 sq.m) or one hectare of production area, is eligible for the insurance provided that they follow MARD production process guidelines as well as all local regulations.
Localities are still identifying production zones for the pilot programme.
What reactions have farmers had to agriculture insurance?
They feel inspired when taking part in the agriculture insurance programme. However, participating households have found it difficult to follow the production guidelines. Non-participating households might find the guidelines tough to follow but we will try our best to help them obey the proper processes.
The Ministry of Labour, Invalids and Social Affairs recently completed its surveys of poor households. By this I mean the number of poor households has been specified.
However, the life of a farmer is precarious and natural disasters could easily push them back into poverty. Therefore, the number of poor households will be adjusted every year, which will also provide a basis to determine how much support they will receive when taking part in the agriculture insurance programme.
What have the Ministry of Agriculture and Rural Development, cities and provinces done to provide agriculture insurance?
We disseminated information about the program-me to farmers in targeted provinces immediately after a related Prime Minister decision came into effect on July 1.
The agriculture ministry also informed them about which natural calamities, epidemic diseases and production process they would be insured against. It invited all localities taking part in the pilot programme to contribute opinions to legal documents relevant to agriculture insurance.
It asked participating localities to set up steering committees for the implementation of agriculture insurance. It is relatively easy to implement insurance with cultivation and aquaculture but that is not the case with the husbandry sector. — VNS
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