The tax package signed into law in Illinois this summer goes much further than the tax rate increase. While that increase is substantial, with rates raising from 3.75% to 4.95% for individuals and from 5.25% to 7% for corporations, other changes are significant.
2017 has brought more than its fair share of disasters. From hurricanes to hail storms, tornadoes to wild fires, it is claimed that this year has had the 2nd most natural disasters on record. Once people make it safely through the ordeal and start putting their lives back in order, thoughts turn to the financial side effects of the clean-up, rebuilding and loss of property that has happened.
To be an effective business manager, it is important that you understand your farm’s financial reporting. Regardless of whether you personally are responsible for your farm accounting, employ a person as the bookkeeper for the farm, or outsource your farm bookkeeping, understanding your financial reporting is your responsibility. By generating accurate financials and understanding your...
In part 3 of 4 in the seires on buying and selling farmland titled, "Overview of Captial Gains Rules and the Family Farm," we looked at capital gains in tax law, the types of assets that fall under its rules, as well as investment properties, farm equipment, farm-use buildings, and other depreciable assets. In today's post, part 4 in the series, we discuss how basis is figured, how it changes...
There are three primary uses of financial information:
If you're keeping up with the series on farm taxes and buying and selling farmland, in last week's post, part 2 of 4 in the seires, we discussed what qualifies as real property in the blog article titled "Farm Taxes - Property Types and Asset Classes." This week, we take a look at capital gains in tax law, the types of assets that fall under its rules, as well as investment properties, farm...
Very recently, members of our tax team had a lively debate about what qualifies as real property – and tax is our job! How would an average taxpayer know what qualifies as real property?
There are multiple things to consider when determining whether your farm needs an enterprise resource planning (ERP) solution. At the core is the question, “How is your farm meeting its obligations today?” This includes obligations to customers, employees, owners, outside entities such as banks, governmental agencies, and auditors, and other stakeholders.
When you buy farmland, it is often the case that you are buying tillable acres and only tillable acres. Sometimes the farmland comes with buildings or other assets. Many times our clients tell us, “I bought 50 acres for $450,000” and wonder why we ask so many questions about it.
Does your operation depend on one individual to handle the farm accounting?
Who in your operation is responsible for your farm accounting? It is one individual or several? Think about each of the various financial tasks and who handles them within your operation: