The Internal Revenue Service has issued guidance providing tax relief for farmers and ranchers in a41 states and other regions forced to sell or exchange livestock because of drought conditions. We invite you to read this important information on the IRS website at the link below. Please reach out to Holbrook & Manter with question … Continued
We are proud to announce that Agri-Accounting Services, LLC is now a part of Holbrook & Manter. Agri-Accounting Services, LLC has a rich history in serving agribusiness owners and farmers across the State of Ohio and beyond. The merging of the two operations will give current and future clients the chance to work with a … Continued
The Ohio Department of Agriculture has declared twenty-two Ohio counties natural disaster areas due to the on-going dry conditions plaguing the buckeye state. This declaration allows the United States Department of Agriculture (USDA) and the Farm Service Agency (FSA) to offer emergency assistance to farm operations within these counties. Other designated areas in Ohio and … Continued
Running a farm comes with its unique set of financial challenges. Managing cash flow effectively is essential to keep operations smooth and profitable. Here are ten practical strategies to help farmers and agricultural business owners improve their cash flow. 1. Diversify Your Crops Planting a variety of crops can reduce your risk of loss due … Continued
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
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
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
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
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
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