Succession Planning Tips for Family Farmers

Succession planning is arguably one of the most critical, yet often overlooked aspects of family farming and agribusiness. With the future of farming resting on resilient shoulders, the transition from one generation to the next requires careful, strategic, and thoughtful preparation. For family farmers and agribusiness owners, understanding best practices in succession planning is the … Continued

Important Tax Deadline Approaching for Farmers & Fishers

If you are a famer or a fisher who did not make estimated tax payments by January, then you will want to review the important information from the IRS at the link below. Those that did not make estimated payments must generally file their 2023 federal income tax return and pay all taxes due by … Continued

Why Farmers Need a CPA

Any farmer will tell you that farming is more than just getting your hands dirty in the fields and taking care of livestock. It is also a business, and like any other business, it needs to be managed effectively to be successful. For this reason, farmers need a CPA to help them with financial management, … Continued

Extended Relief Available to Farmers in 49 States

The IRS is reminding eligible farmers and ranchers forced to sell livestock due to drought that they may have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales. The posting on the IRS website outlines the areas in qualifying states designated as eligible … Continued

Mixing business funds and personal funds: Just don’t do it

It can be so easy to do in any type of business, but especially one that is family-run like a farm…. Mixing personal funds with business funds. Money moves from one account to another often start out small and happen on rare occasion, but they can quickly pick up in size and frequency. Trust us … Continued

Important Questions All Farmers Should Ask Their Accountant

Whether you are new to farming, or a seasoned pro, one thing is for sure- partnering with an experienced accountant is a must. When it comes to questions you can ask your accountant, the list is endless. In this blog, we tackle five important ones. Are you well-versed in my industry? This simple but vital … Continued

Farming & Fishing Businesses Face March 1, 2022 Tax Deadline

The Internal Revenue Service (IRS) has issued an important reminder to taxpayers with income from a farming of fishing business. Those receiving this type of income should file and pay their entire tax amount due by Tuesday, March 1, 2022. This applies to taxpayers who did not make estimated tax payments. More information can be … Continued

The Benefits of Excellent Record Keeping

Just how meticulous are you about keeping detailed records for the finances for your farm? Most folks do a decent job, but when you kick it up a notch you can really see the benefits that excellent record keeping can provide. We encourage business owners to track every dollar coming in and out of the … Continued

Exploring Loan Options for Farmers

Many farmers and agribusiness professionals are not aware of the various financial assistance opportunities that are available to them. In this blog, we will talk about the loan options offered by the USDA. Funds are available to those just starting out in agribusiness and to experienced professionals. The following programs are available: Loans to purchase … Continued

Employee or Independent Contractor?

Many agribusinesses have seasonal workers who may be considered employees or independent contractors. Let’s look at the differences between each.