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Excerpt #4: "Bub and I had all ready tried smoking earlier that summer. We'd tried to smoke ripe sourdock seeds rolled up in toilet paper. A truly awful experience! There had to be something better to use for an experimental smoke. A good cigar seemed right." The stories are truly fascinating. They will capture both the imagination and the spirit of many of you. Some are remembrances from times past. Others portray what the ever changing rural scene has brought about in lives and careers. They speak of hard times as well as joys. This is a book you will want to have for your family. It has so much history and life experiences of our rural past and also some stories that relate to the future of agriculture and rural communities. It will also be good for our city cousins to read and recognize some of the challenges we faced in rural Iowa and those we face in the future. We would appreciate your support of the Farm Business Association Foundation with your purchase of this wonderful book. It would also make a lovely Christmas gift to a favorite relative. Each book sells for $17.00 plus $3.00 for shipping/handling. Contact your local consultant for an order form or call the Iowa Farm Business State Office at 515-233-5802. Thank You---Jim Almquist, FBAF President |
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Example of pictures featured in the book “Glimpses: Iowa’s Rural Legacy” |
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Foundation News Continued from Page 1 |
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GIVE A “SPECIAL” GIFT AND ORDER YOUR BOOK TODAY! ORDER ONE FOR YOURSELF TOO! |
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IOWA TAX UPDATES State of Iowa Unemployment Tax: If you have payroll and are required to withhold unemployment Iowa tax, you should have been notified that the surcharge collections have stopped. This is because the authorization for the extension of the unemployment surcharge was part of the legislation (HF692) recently nullified by an Iowa Supreme Court ruling. If you have any question call Iowa Workforce Development at 1-800-972-2024. Iowa Depreciation Rules Changed for Past Years: Iowa is now retro actively coupling with the 50% bonus depreciation, 30% bonus depreciations (for assets placed in service after May 6, 2003) and the increased 179 deduction (from $25000 to $100,000 for 2003) with the Internal Revenue Service. Because of this change, it may be beneficial for you to amend 2003 Iowa tax return. When your 2003 Iowa tax return was due 4/30/04, the 50% bonus was NOT ALLOWED and the 179 deduction was limited to $24,000. I know the consultants have been busy amending returns. |
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2004 TAX UPDATES This year there weren’t many dramatic changes in the “American Jobs Creation Act of 2004”. Most of the changes extended the effectiveness of current provisions. Here are a few of those changes. 1. Standard deduction increase extended to 2010 (2004 MFJ is $9700, single is $4850). 2. Extended child tax credit to 2010 (2004 is $1000—amount of refundable credit limited to 15% of AGI—up from 10%). 3. Capital gain and dividend extended to 2010 (2004 is 5% in the 10% &15% brackets and 15% for 25% and higher brackets). 4. FICA wage minimum for 2004 is $900 for a quarter or $3600 for full year. 5. Depreciation 179 limit for 2004 is $102,000, phase out $410,000. Other Changes/Clarifications: Income averaging: For taxable years beginning after December 31, 2003, alternative minimum tax is compared to the regular tax liability (without regard to income averaging). Thus farmers will receive the full benefit of income averaging. Depreciation for SUV’s: The act limited the 179 deduction for SUV’s placed in service for business purposes to $25,000. When deciding if your new vehicle is a truck or SUV, there are guidelines such as GVW, number of passengers, etc. that your consultant can explain. However, another requirement new this year is a “truck” must have a 6 foot box. |