Preparing Agriculture Financial Statements
What’s your current process for producing farm financial statements? Preparing financial statements is a critical task for the success of an..
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Owning vs. Leasing Farm Equipment: What’s Best for Your..
Leases and loans are simply two different methods of financing.  One finances the use of a tractor; while the other finances the purchase.  ..
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How Inadequate Farm Accounting Can Cause Added Stress
Today’s financial landscape is more difficult to navigate than ever before. Complete and timely financial records are a necessity, especiall..
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Tax Consequences of Taking Prevented Planting Payments
With most of the corn belt fighting rain and floods, the ability to get crops in the ground has been a struggle to say the least.  With the ..
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10 Questions to Consider When Applying for an Agricultural..
Farming businesses rarely generate adequate operating profits in a timely manner to fund all its capital needs, which include interest payme..
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Individual Taxation: What You Need To Know
To report earnings to the government for taxation purposes, individuals file a Form 1040, which is due on April 15th. If taxpayers cannot fi..
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4 Quick Tips to Get Your Tax Refund Fast!
Not getting your tax refund as quickly as you would like? Check out the list below for four quick tips to help hurry the process along.
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How to Profitably Manage Your Farm’s Trucking Business
Keep Accounting Separate Understanding the financial strength of your trucking business is imperative to its ongoing financial success. To g..
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5 Tips To Make 2019 Your Best-looking Tax Return Yet!
Did the 2018 tax season leave you feeling deflated?  The Tax Cuts and Jobs Act that has fueled changes in our most recent financial practice..
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199A Safe Harbor: More Than Just A Simple Election
The Qualified Business Income Deduction, or QBID, was the new deduction that had business owners in a frenzy during the 2018 tax season. Gen..
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Why All Family Members Should Be Involved in Farm Financials
Is it actually important for everyone in the family to be in on the farm’s financials? Not everyone feels they have a “head for numbers” or ..
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Farm Budgeting 101—Getting Started
“A budget is telling your money where to go instead of wondering where it went”—Dave Ramsey What does a budget do for me? A budget is a farm..
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How Do Decide I When It’s Time to Replace My Farm Equipment?
Next to farmland that you own, your machinery is most likely the second largest investment that you make into your farm business. As such, i..
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Partnership Taxation
What is a partnership, and how is it taxed? A partnership is a flow-through entity, which means that the partnership’s income passes to the ..
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SMART Goals for Your Farm Budget
In 1981, George T. Doran published a paper in Management Review that introduced SMART goals as a tool to improve the chances of reaching man..
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IRS Has Officially Extended Farmers' March 1 Deadline
IRS has announced in Notice 2019-17 an extension to the March 1 deadline for farmers who did not make estimated tax payments by January 15, ..
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