SAN JOSE — The Sharks open a homestand — and a telltale month — Friday night.After playing nine of their first 13 games on the road, and to the tune of a 4-9-1 record, the Sharks will play their next six games at SAP Center. Except for a visit to Arizona at the end of the month, the Sharks will spend all of November in the Pacific Time zone.“I think this month will really tell the tale of where we are at,” coach Pete DeBoer said Thursday. “We have a favorable schedule for the first time this …
Share Facebook Twitter Google + LinkedIn Pinterest Self-employment is a real option in today’s working world for many farmers. But many that choose to work for themselves are often surprised by the distinctive challenges they face when it comes to taxes. Knowing how to navigate those challenges is important and working with an experienced CPA is your best bet in order to avoid issues along the way. Here some consider for any self-employed farmers. Material participationThe Internal Revenue Code imposes self-employment tax on the net income from a taxpayer’s trade or business or from a partnership in which the farmer is a member. Rent received from personal property (machinery and equipment) is also subject to the tax if the farmer is in the business of renting personal property.Focus on liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions of FICA taxes. The good news is that you may deduct the employer portion of these taxes. Plus, you might be able to make significantly larger retirement contributions than you would as an employee.However, you’ll likely be required to make quarterly estimated tax payments, because income taxes aren’t withheld from your self-employment income as they are from wages. If you fail to fully make these payments, you could face an unexpectedly high tax bill and underpayment penalties.Many farmers pay more self-employment taxes than income taxes because the lowest self-employment tax rate (15.3%) is more than the lowest income tax rate (15%), and because personal deductions do not reduce self-employment income. For example, farm couples that have two children, file a joint return, and claim the standard deduction will pay $5,646 of income tax on $75,000 of farm income, but will also pay $10,597 of self-employment tax.Unlike income tax planning, planning to reduce self-employment taxes must take into account the corresponding social security benefit to be received in the future. Reducing the self-employment income reduces the earnings base in which social security benefits are computed. Thus, farmers must compare the self-employment tax savings with the reduction in social security benefits to ultimately maximize their after tax wealth. Know what’s deductibleUnder IRS rules, deductible business expenses for the self-employed must be “ordinary” and “necessary.” Basically, these are costs that are commonly incurred by businesses similar to yours and readily justifiable as needed to run your operations.The tax agency stipulates, “An expense does not have to be indispensable to be considered necessary.” But pushing this grey area too far can trigger an audit. Common examples of deductible business expenses for the self-employed include licenses, accounting fees, equipment, supplies, legal expenses and business-related software.Does your home office qualify? You may deduct many direct expenses (such as business-only phone and data lines, as well as office supplies) and indirect expenses (such as real estate taxes and maintenance) associated with your home office. The tax break for indirect expenses is based on just how much of your home is used for business purposes, which you can generally determine by either measuring the square footage of your workspace as a percentage of the home’s total area or using a fraction based on the number of rooms.The IRS typically looks at two questions to determine whether a taxpayer qualifies for the home office deduction:Is the specific area of the home that’s used for business purposes used only for business purposes, not personal ones?Is the space used regularly and continuously for business?If you can answer in the affirmative to these questions, you’ll likely qualify. CRP payments are typically subject to self-employmentConservation Reserve Program (CRP) payments (“annual rent payments”) are includable in the net income from self-employment and subject to self-employment tax. Per the IRS instruction in Publication 225, Unless the taxpayer is receiving Social Security retirement or disability benefits, CRP “annual rental payments” are includible in net income from self-employment subject to self-employment tax. Note: Payments that are for the permanent retirement of cropland base and allotment history are not includible in net income from self-employment subject to self-employment tax because they are for the sale of section 1231 property or a capital asset. Do some long term planningPlanning to reduce self-employment tax liability must include an analysis on the effect of the reduction on social security benefits to be sure the present value of the tax savings is greater than the present value of the decrease in social security benefits. Work with your accountant or a social security specialist that can assist with this type of planning. As always, reach out to me with any questions you may have. Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.com or at BRavencraft@HolbrookManter.com.
Aggressive drivers are excited for the outbreak of autonomous cars on public roads, seeing it as a way to bully computers that err on the side of caution, according to new research.The London School of Economics and Goodyear conducted one of the largest surveys to gauge attitudes towards autonomous cars, with 12,000 drivers in 11 countries polled.See Also: Most Americans say they’re ready for an autonomous futureOne of the key findings was aggressive drivers expect autonomous cars to try and accommodate all types of drivers. In a situation where the self-driving system is unsure of the outcome, drivers expect Google, Uber, and Tesla to build systems that avoid accidents at all costs.“I’ll be overtaking all the time because they’ll be sticking to the rules,” said one driver in the survey. “They are going to stop. So you’re going to mug them right off. They’re going to stop and you’re just going to nip round,” said another.Across Europe, U.K. drivers have the most negative view of autonomous cars, according to the survey. 55 percent of U.K. drivers said they were uncomfortable sharing the road with an autonomous car, and 83 percent were concerned the car might malfunction.That’s higher than the average for non-U.K. nations polled, at 39 and 71 percent, respectively.Driverless tech still looking for on ramp anywayAutonomous cars are still an emerging technology that is only available on certain public roads, in certain cities. The U.K. and Germany are leading the race in Europe, followed by France, which recently endorsed some autonomous car tests on public roads.Outside of Europe, the U.S., Singapore, and China are the main hubs for self-driving tests. Baidu, Tencent, and Alibaba are all funding tests, either directly or through startups.In Singapore, nuTonomy, a MIT spin-out, has begun shuttle tests, with a goal of launching the service in 2018. Break the Mold with Real-World Logistics AI and… Tags:#automotive#autonomous cars#driverless cars#featured#Goodyear#Internet of Things#IoT#LSE#Self-Driving#top Related Posts IT Trends of the Future That Are Worth Paying A… 5 Ways IoT can Help to Reduce Automatic Vehicle… For Self-Driving Systems, Infrastructure and In… David Curry
The Central Bureau of Investigation has registered an FIR to probe alleged irregularities in the sale of 21 State-owned sugar mills during the tenure of former Uttar Pradesh Chief Minister Mayawati in 2010-11, resulting in a loss of ₹1,179 crore to the exchequer.The case, in which seven persons have been named as accused for using forged documents while purchasing the mills from the U.P. State Sugar Corporation Limited, has been lodged on a reference from the Yogi Adityanath government. Six preliminary enquiries have also been initiated into the allegations.Probe soughtThe State government had sought a CBI probe into the sale of 21 mills and alleged graft in the purchase of seven closed mills in Deoria, Bareilly, Laxmi Ganj, Hardoi, Ramkola, Chittauni and Barabanki. It was also being pursued by the Lucknow Police.
A Jaish-e-Mohammad (JeM) terrorist was arrested in Baramulla district of north Kashmir on Sunday, a police spokesperson said. Mohsin Manzoor Salhea, a resident of Arampora-Azadgunj area, was arrested on a credible input during an anti-militant operation in Baramulla town, he said. According to the spokesperson, Salhea was affiliated with proscribed terror outfit JeM and was wanted in two cases registered at the Baramulla police station this year. Salhea was part of a group involved in planning and executing terror attacks in the area, he said. Incriminating material, including arms and ammunition, were recovered from his possession, the spokesperson said.
Delhi University (DU ) has now introduced a five per cent quota in post-graduate courses under sports category to encourage more and more students to take up sports and yet continue with higher academic education, reported Mail Today.The University only permitted admission under sports quota for Bachelor’s degrees till last year but now the facility has been extended for postgraduate courses.This way the students’ achievements till undergraduate level are not wasted. Head of Sports Council S. Dubey said that the decision to reserve five per cent seats in every course for acclaimed and certified performers in sports was taken so that more students get encouraged to pursue sports.Not only this, some students will also get direct admission under the sports quota. Officials said that students who have won accolades at national- and international-level sports competition will not be required to give trials for the admission under the quota.DU last year eased admissions under sports quota especially for chess players, shooters and archers, who will now have to undertake only one of the three fitness tests to qualify for trials.DU will start the process for admission to its under-graduate courses for academic year 2014-15 on June 2. The university has made many alterations in its admission process for academic year 2014-15.
LaLiga president Tebas: Morata to Atletico? Real Madrid and Neymar?by Carlos Volcano9 months agoSend to a friendShare the loveLaLiga president Javier Tebas has questioned whether Atletico Madrid can sign Chelsea striker Alvaro Morata.Tebas believes Atletico’s budget won’t stretch to cover Morata’s demands.He told AS: “They’re very limited; they would have to get rid of someone. I do not know exactly because that is what is needed for the economic controls.”Tebas was also asked about Real Madrid buying PSG star Kylian Mbappe or Neymar.He added: “Either one of the two. Or the two. I do not know if Florentino (Perez) wants to sign one of the two. We have worked hard on the brand and it is above the players because we have taken advantage of the synergy of the clubs. “What we do not know is how much more we would be favoured by them being here.” TagsTransfersAbout the authorCarlos VolcanoShare the loveHave your say
Wazzu HuskiesWashington State capped off a bounce-back season with a 20-14 win over Miami in the Sun Bowl on Saturday. Apparently, however, the win wasn’t enough to earn respect from the local media. This morning’s El Paso Times headline about the game featured a colossal error: it referred to Wazzu as the “Huskies” instead of the Cougars.Take a step forward if you can report the correct team names in your local bowl. Not so fast @elpasotimes #gocougs pic.twitter.com/YLZ6LalYZM— Jeff (@saomonella) December 27, 2015Of course, the Huskies are Washington, Wazzu’s top rival. So not only did Washington win the Apple Cup over the Cougars by 35 points, they stole a newspaper headline from them.Ouch.[ CougCenter.com ]
COLUMBUS, OH – SEPTEMBER 19: Quarterback Cardale Jones #12 of the Ohio State Buckeyes warms up before the game against the Northern Illinois Huskies at Ohio Stadium on September 19, 2015 in Columbus, Ohio. (Photo by Andrew Weber/Getty Images)Today is the NFLPA Rookie Premiere, which gives fans the opportunity to see recent draftees in their new uniforms for the first time ever.Here’s a look at former Ohio State quarterback Cardale Jones, a fourth-round selection of the Buffalo Bills. The Bills haven’t had a long-term solution at quarterback since the Jim Kelly era. It may take Jones some time to acclimate himself to the professional level, but Rex Ryan and company are hoping he can eventually prove himself worthy of being a starter.
The Canadian Press TORONTO — No winning ticket was sold for the $16.7 million jackpot in Friday night’s Lotto Max draw.That means the jackpot for the next draw on Mar. 15 will grow to approximately $25 million.