Farm and Finance

money

Top 10 things to know about farm income and deductions

As we approach the tax filing deadline, I thought this reminder checklist from the IRS may be useful. If you have already filed your return, you may want to double check to be sure these items were considered as part of your return you filed. If you earn money managing, working on, or owning a [...]

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Self-employment tax considerations for farmers

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 [...]

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Analytical software can assist farmers in maximizing profits

With crop prices projected to remain low in the foreseeable future and with the high cost of agricultural inputs making farmers less productive, crop-producing farmers should be looking at ways to be more efficient and profitable. Today’s farms are complex operations with workers and machines interacting over large areas under tremendous time pressure dictated by [...]

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The many reasons to invest in a business valuation

A business valuation is an investment most business owners should consider making. A business valuation is a procedure that is performed in order to evaluate your operation and then determine its estimated economic value. This service is carried out by a certified public accountant that holds the credential that positions them to gage the value [...]

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Navigating intrafamily loans

If a relative needs financial help, offering an intrafamily loan might seem like the most gracious route to take. But, if not handled properly, such loans can carry substantial negative tax consequences — such as unexpected taxable income, gift tax or both. Here are some things to ponder before lending a helping hand: 1.      Everything [...]

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Case IH Is the First Original Equipment Manufacturer to Offer a Proprietary Cellular

Prepaying farm expenses as a tax planning tool

Farmers typically pay for seed, fertilizer, and other inputs in one year and use the items in the subsequent year. There are many reasons to do so, such as: obtaining a lower purchase price, guarantee the availability of the particular item, and of course for tax planning purposes. Typically larger farmers can spend tens of [...]

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The many reasons to invest in a business valuation

A business valuation is an investment most business owners should consider making. A business valuation is a procedure that is performed in order to evaluate your operation and then determine its estimated economic value. This service is carried out by a certified public accountant that holds the credential that positions them to gage the value [...]

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The top five reasons to outsource your payroll

Payroll… it is a task that sneaks up on you, and as soon as you take care of it, it seems like it is time to do it all over again. No matter what the industry or how large the operation, many business owners find it advantageous to rely on an outsourced accountant to cut [...]

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Estate planning for farmers: Providing for liquidity concerns

To this day the old adage “….nothing in this world can said to be certain, except death and taxes” is quite true. However, many decades after Benjamin Franklin made the quote, estate planning was formed to proactively solve and minimize the “tax certainty” part of the quotation. Farmers are basically businessman who own and operate [...]

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When to call an accountant: Know the signs

Outside help of any type can be hard for any business owner to weave into day-to-day operations. The thought of sharing business practices and financial information with outside service providers is an unsettling one to many. However, the day usually arrives when partnering with others to lighten your load is the right thing to do. In [...]

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