Page 46 October 25, 2013 2013 LOGAN COUNTY FARM OUTLOOK MAGAZINE LINCOLN DAILY NEWS.com
said each person is going to consider this
and decide for themselves what options
they want to use. And, the bottom line
is, as long as it is successful, no one can
really say that one method is better than
the other.
Klemm said that as a tax accountant,
doing clients’ taxes is perhaps the easiest
and simplest part of his job. The real
challenge is to know, understand and
share effectively the changes that are
coming down through the government on
tax laws and other issues that will affect
the Midwest farmer.
Hot-button words right now in
Illinois and all across the country are
“Obamacare,” or the federal health
insurance plan. Klemm said he has spent
many hours studying this and trying to
translate it into how it will affect his
clients.
He noted one point that few may know. He
said it is his understanding from what he
has read that the health care laws, while not
specifically a tax issue, will be monitored
by the Internal Revenue Service for
compliance.
He said in most cases, this is going to
have little effect on the family farm. The
exception will be for the producers who
hire more than 50 full-time or full-time-
equivalent employees. Full-time equivalent
