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
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
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
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
Many agribusinesses have seasonal workers who may be considered employees or independent contractors. Let’s look at the differences between each.
You’ve successfully set up the accounting software, now learn how to set up vendors & how to enter bills in QuickBooks!
Get The Most Out Of Your Farming Accounting Software By Linda Lehman – Senior Staff Accountant As the owner of a farm, whether it’s a small family farm or a large operation, there is considerable activity when it comes to keeping track of your business income and expenditures. This not only includes payments you receive … Continued