Agribusiness Blog

Agribusiness Blog

Farm CPA Today
  • A freebie from the IRS

    There was a new law passed last year that allows all taxpayers that use the standard deduction to take an extra deduction of up to $1,000 for real estate taxes paid on a personal residence.  This deduction is in addition to the standard deduction.  This deduction applies to farmers who do not itemize their deductions. […]

    More

  • The Old Way to Make Money – Earn It!

    I saw a great post by Chuck Schwartau from the University of Minnesota Extension deparment.  The post was related to the dairy industry, but is applies to all farming and any business.  For the last twenty years or so, it seems that most people thought they could make easy money by borrowing more than they […]

    More

  • March 1 is file your taxes time

    Farmers are unique.  The IRS allows them to pay their income taxes later than almost anybody else. Noramally all returns are due on April 15 of each year and taxpayers need to pay in their taxes by either having enough withholding taken out of their wages or paying 4 equal quarterly estimated tax  payments in order to not […]

    More

  • When Average is Great

    Uncle Sam offers a tax advantage to farmers and fishermen that no other taxpayers receive. When your income is very high compared to previous years, the tax laws allow you to assume that you were able to average all of your farm income over a four year period. This can save you several thousand dollars […]

    More

  • Farm Lending–Which Type Are You?

    David Kohl, ag lending consulting, divides target farmers and ranchers for future agricultural lending into four categories and percentages: 10 percent approaching $600,000 in annual revenues and planning to grow this toward $1.5 million in revenue 30 percent that will be scaling down to a rural “lifestylers” or those commonly living on five to twenty […]

    More

  • Stimulus Package May Benefit the Ag Industry

    House Democrats proposed last week an $825 billion stimulus measure including $275 billion in tax breaks and $550 billion in spending that touches almost every area of the economy including agriculture. The bill included $245 million for the Farm Credit Service Agency to purchase a computer system to considered necessary to implement the 2008 Farm […]

    More

  • Millennials−Are You Ready?

    I was one of the last baby boomers (missed the 1950’s by 28 days) and all of my four boys will end up being known as the Millennial generation. Many of these will end up being your employees and the type of compensation and feedback that works for us does not work for them. Chris […]

    More

  • Congratulations to My Childhood Hero

    Jim Rice, an outfielder for the Boston Red Sox, was finally voted into the Baseball Hall of Fame today. I was in high school in the mid to late 70’s when Jim Rice was playing for the Red Sox and he was by far my favorite baseball player of that era. He retired almost 20 […]

    More

  • Don’t Wait Too Long

    The Department of Agriculture released many crop reports today. As a result, corn, soybeans and wheat prices were sharply lower on the cash and futures markets. In many cases, the drop was 10% or more.  Prices has steadily risen over the last few weeks and there were many chances to lock in a profit on […]

    More

  • The Mustard Seed

    I have given many financial seminars where I start out with the story of two employees.. Each employee is giving the option of receiving $1,000 per day in wages for 28 days or starting with a penny and having their wage double each day. Most people assume the $1,000 per day will be a much […]

    More

Subscribe to Our Email List

* indicates required