Sep 23

Written by: ngreditor
9/23/2008 4:39 PM 

Newman Grove Community Foundation participates in “Gifts of Grain”

With high grain prices and good yields, many farmers and farm landowners may have higher than average incomes this fall.

There are tax advantages for farmers and farm landowners who make gifts of grain or other Ag commodities to local Community Foundations. Many farmers find they can save significant taxes by contributing commodities to their local foundation fund. Tax savings may be realized on the producer’s federal income tax, state income tax and self- employment tax, depending on producer’s specific circumstances.

The Newman Grove Community Foundation, in participation with the Nebraska Community Foundation, is making this program available to farmers and landowners this fall.

Please notify the Newman Grove community Foundation or the Nebraska community Foundation in advance of making the gift as specific procedures need to be followed to make the gift tax deductible. “Gifts of Grain” sign up sheets will be made available at the Farmers Pride Co-op office in Newman grove.

For assistance in making a “Gift of Grain,” call Randy Benson or Gene Wissenburg at Farmer’s Pride Co-op, Newman Grove, (402) 447-6292.