Farm and Finance

money dollars

Are you aware of qualified charitable distributions?

Let’s switch gears a bit this month and talk about Qualified Charitable Distributions. QCDs are cash donations that can be made by IRA owners and beneficiaries age 70.5 and over to IRS-approved public charities. These donations must come directly out of an IRA account to qualify as a QCD. They are federal income, tax free, [...]

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money dollars

Cost segregation studies and depreciation deductions

Farm businesses that acquired constructed or made substantial improvements to a building — or did so in previous years — should consider a cost segregation study. Also referred to as a “Cost Seg,” these studies combine accounting and engineering techniques to identify building costs that are properly allocable to tangible personal property rather than real [...]

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Tips for keeping your books straight and business running smoothly

Good financial practices are key to the success of your farming business, but many businesses fail to implement them. Most farm owners know that poor financial management is a major cause of poor business performance and growth, but still fail to carry out the financial tasks that are necessary to keep things running smoothly and [...]

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Oman3 corn planting

Drafting and reviewing your buy-sell agreement

If you own a business, you have hopefully established a buy-sell agreement in case you or a co-owner voluntarily or involuntarily leaves the company. The creation of the document is just one step in a larger process. You simply can’t draft the agreement and lock it away for safekeeping. The document should be a fluid [...]

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Steps to take when expanding your business

Many farmers and agribusiness owners want to grow their operations. Growth represents progress, and it can result in financial rewards and new opportunities for owners and employees. But with growth often comes a new set of challenges. This makes it critical to plan your growth initiatives carefully so that growth doesn’t lead to cash flow and other financial problems [...]

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clouds

The basics of Cloud-based accounting software

Farmers and agribusiness owners have many choices available to them in regard to accounting software. I have talked about a variety of them in previous articles. One of the options available is cloud-based software. Let’s talk about the basics of this software option in this article. Many people are curious about the cloud and what [...]

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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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winter barn

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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