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WINTER 2009
Maximize Your Income Tax Savings • Property Tax Deduction for Non-Itemizers • Direct Expense Deduction up to $250,000 on Qualifying Purchases of Business Assets • 50% Bonus Depreciation on Qualifying Purchases of New Business Assets • Shorter Depreciable Life on New Farm Equipment Purchased in 2009 • Relief From Paying Tax on Debt Discharged Through Foreclosure Are you able to take advantage of the new 2008 income tax laws to maximize your tax savings? Four major 2008 tax acts create a significant number of new tax breaks for individuals and businesses such as: • First-Time Homebuyer’s Credit up to $7,500 • 0% Tax Rate on Long-Term Capital Gains and Qualified Dividend Income
• Increased Charitable Contribution Deduction Limits for Contributions to National Disaster Funds GreenStone’s Tax Specialists receive comprehensive training and testing on individual and farm income tax laws. Their “Tax Specialist” designation means they’ve passed a comprehensive tax test and that they are required to keep abreast of tax law changes through continuing professional education. They are available year-round to ...Continued on page 3
The Switch to Digital Many of you are undoubtedly already aware of the upcoming switch from analog to digital broadcast television, but here is another reminder that the date is fast approaching. The switch from analog to digital broadcast television is referred to as the digital TV (DTV) transition. In 1996, the U.S. Congress authorized the distribution of an additional broadcast channel to each broadcast TV station
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The Country Minute is brought to you by your local country living lender:
Switch to Digital Continued... so that they could start a digital broadcast channel while simultaneously continuing their analog broadcast channel. Later, Congress mandated that February 17, 2009 would be the last day for fullpower television stations to broadcast in analog. Broadcast stations in all U.S. markets are currently broadcasting in both analog and digital. After February 17, 2009, full-power television stations will broadcast in digital only. If you have one or more televisions that receive free over-the-air television programming (with a roof-top antenna or “rabbit ears” on the TV), the type of TV you own is very important. A digital television (a TV with an internal digital tuner) will allow you to continue to watch free over-the-air programming after February 17, 2009. However, if you have an analog television, you will need a digital-to-analog converter box to continue to watch broadcast television on that set. This converter box will also enable you to see any additional multicast programming that your local stations are offering. For more information, call the Federal Communications Commission at 1-888-225-5322 or visit the Commission’s digital television website at: www.dtv.gov.
Check
Your Credit Reviewing your credit reports can help you detect fraudulent activity early, allowing you to take effective steps to limit the headaches you may encounter if you are a victim of
[2] The Country Minute
ResolutionsYour Home Will Appreciate Have your walls been whispering, your faucets babbling, or the floors chattering...trying to tell you where your home could use a bit of help? The new year is the perfect opportunity to listen and make a new year’s resolution for your home – a project list complete with a timeline and budget! 1) Brainstorm–Walk through your house and note what needs fixing and what could use a fix-up • Ask those who live with you for ideas, they may have noticed an item or two that needs attention • Don’t forget to consider the outdoors, maybe new landscaping or a flowerbed 2) Prioritize–Review your list of projects and prioritize what is most important • Structural projects should take priority –foundations and roofs for example • Items that help conserve energy come next–energy efficient windows or improved insulation • And don’t forget the “aesthetic” features–such as adding dimension to a room with new paint or wallpaper 3) Budget–Determine costs for each of the projects on your list • This might take some leg work, but determining a comprehensive and
identity theft. Knowing what's in your report before you apply for a loan or a job may also be helpful. That’s why consumers are encouraged to order a free credit report from each of the three major credit reporting companies every year. Consumers can order their free annual credit reports by visiting www.annualcreditreport.com.
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accurate list of what materials might cost will help determine what you can afford to do in the new year • Established budgets help keep costs in check when the project is upon you • Scaling back in one area leaves money for another–Upgrading only the windows on the sunny side of the house could result in an extra maple tree outdoors or the plush carpet indoors 4) Timeline–Once projects have been identified, prioritized, and budgeted for, determine when they’ll take place • Waterproofing the basement makes for a great project during these snowy winter days • Garage clean up in the spring is just in time for the summer garage sales By making your list now, you can be ready with time and money–and you might find you get more done throughout the year if you have these things ready when you need them. Happy New Year, and happy planning! Source: http://ezinearticles.com http://homerenorepair.suite101.com
This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion. Request your free annual credit report today…it’s quick, easy and secure.
Buying a Used Tractor Are you tired of clearing your driveway with a snow blower? Maybe you’ve got some big landscaping projects planned in the spring? Consider buying an older used tractor for your needs. You’ll pay a lot less for it than buying a new one and there are a surprising number of tractors available in every shape and size. Many come with attachable implements like blades, buckets, and mowing decks. Beyond your common sense, it might be helpful to have a working knowledge on the operation of older tractors that you may be interested in buying. Here are some things to
Tax Savings Continued... help you maximize your after-tax profits, and they do more than help you meet your tax reporting requirements–they provide taxplanning and consultation to explore the best tax-savings strategies for you! Besides providing income tax services, GreenStone also provides comprehensive accounting services to individuals and businesses. GreenStone Tax and Accounting services are a winning combination. Contact your GreenStone Financial Services Officer today to learn more about these valuable services.
consider to determine if a used tractor is in good working order: • Does it start easily? A tractor that starts easily may eliminate several items that could need repair. A good battery, compression, ignition wiring/ magneto, tune up, fuel flow, and carburetor are implied (not guaranteed) by this. • Does it run well when hot? Warm it up to find out how it will work after you’ve ran it for awhile. Plan on spending a half-hour running it. After running it, look for leaks, both oil and antifreeze. After it’s warmed up, shut it down and see if it will restart. • Do the brakes work well? The brakes are inexpensive to replace, but they require extensive mechanical teardown to replace. • Does it smoke? Blue smoke can indicate many problems like bad rings, pistons, or valve guides. White or black smoke can frequently be corrected with carburetion or ignition changes. • How does the oil look? After you
have run it for awhile, stop the engine and check the oil for foaming or presence of water. • Is there head seepage? Look for fluids seeping from the head gasket. • Does the clutch work well? The clutch is not that expensive to replace but it is a major repair job. • Check the charging system. There should be a slight charge shown on the ammeter when the engine is running and a change in the charging level when the lights are turned on (this indicates that the regulator or resistor switch and cutout is operating). • Work the hydraulics. Check the full range of the hydraulics by extending the working arms and picking up a load if the tractor comes with a bucket attachment. Taking the time to check these things can save money on future repairs. A good used tractor can be a functional tool for a variety of uses around your home or small farm. The internet is a great resource for researching used tractors for sale.
Recipe Corner Thick and creamy. Uses leftover baked potatoes... Baked Potato Soup INGREDIENTS: 12 slices bacon 2/3 cup margarine 2/3 cup all-purpose flour 7 cups milk 4 large baked potatoes, peeled and cubed 4 green onions, chopped 1 1/4 cups shredded Cheddar cheese 1 cup sour cream 1 teaspoon salt 1 teaspoon ground black pepper
DIRECTIONS 1. Place bacon in a large, deep skillet. Cook over medium heat until browned. Drain, crumble, and set aside. 2. In a stock pot or Dutch oven, melt the margarine over medium heat. Whisk in flour until smooth. Gradually stir in milk, whisking constantly until thickened. Stir in potatoes and onions. Bring to a boil, stirring frequently. 3. Reduce heat, and simmer 10 minutes. Mix in bacon, cheese, sour cream, salt, and pepper. Continue cooking, stirring frequently, until cheese is melted. Enjoy!
Winter 2009 [3]
GreenStone Member notes...
Customers who receive The Country Minute will not receive GreenStone’s agricultural member publication, Partners. Therefore, the following is a snippet of news and feature stories found in the most recent issue of Partners. More information and complete articles can be viewed at www.GreenStoneFCS.com by clicking on the “Partners” image found on the left side of the Web page.
Farewell to CEO Thank you, Jim Schiller, for 36 years of service in the Farm Credit System. Under Jim’s leadership, GreenStone has flourished. Loan assets have grown from $1.6 billion in 1999 to $5.0 billion today, while the number of customers served has increased from 12,300 to nearly 18,000 in 2008. Earnings, credit quality, cost of operations, and customer satisfaction have all performed at a high level. Today, GreenStone is recognized as one of the top performing Farm Credit associations in the United States. Thank you for your friendship, leadership, and service–enjoy retirement!
March Madness The GreenStone FCS Board of Directors recently approved a payout in cash patronage for 2008 that is anticipated to be approximately $13.5 million. Each eligible customer’s patronage check will be available at their local GreenStone branch on Friday, March 6. Those checks not picked up by the end of business on March 6 will be mailed to the respective customers the next business day. Annual Report Notice This is official notice that the 2008 GreenStone Farm Credit Services Annual Report will be available for viewing online at www.greenstonefcs.com by March 16. In addition, the Annual Report will be mailed to all stockholders within 90 days of year-end.
greenstonefcs.com
1104 S. U.S. 27 St. Johns, MI 48879
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Inside this issue: - Tax Savings - Switch to Digital - Buying a Used Tractor