Involve Your Kids With Year-End Tax Planning
Many multi-generation farms have the parents totally immersed in the finances of the operation while the children may be more focused on the actual farm production activities.
Since this is a time of year (right after harvest) to do your year-end tax planning, try to get the kids more involved this year in the actual finances of the operation. Have them meet with your tax or financial advisor. Many times, they will see things in a little different bent that may spotlight something financially that should be changed or altered.
When I get a new piece of technology (such as a new “smart” phone), I get my young sons to help me, it may make sense to get the younger generation more involved and there is no better time than now.
Paul Neiffer, CPA
Paul Neiffer is a certified public accountant and business advisor specializing in income taxation, accounting services, and succession planning for farmers and agribusiness processors. Paul is a principal with CliftonLarsonAllen in Walla Walla, Washington, as well as a regular speaker at national conferences and contributor at agweb.com. Raised on a farm in central Washington, he has been immersed in the ag industry his entire life, including the last 30 years professionally. Paul and his wife purchase an 180 acre ranch in 2016 and enjoy keeping it full of animals.
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