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