Ag Advantage

Browse these helpful agricultural financial management resources.

Tax Planning Guide in Agriculture for 2018

Ag Business, Farm taxes, Tax planning

Posted by Mary-Karen Whittman on Dec 8, 2017 3:42:53 PM

 

 

 

 

 

 

 

 

 

Farmers can benefit from meeting with their tax preparers for tax planning prior to their tax year-end.

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Inheriting a Traditional IRA from a Spouse

Farm taxes

Posted by Evelyn Kessinger on Dec 6, 2017 12:30:00 PM

Wealth transfers in the next few decades will be the greatest in history. Beneficiaries who receive individual retirement accounts (IRAs) from family members could see windfalls that require strategic tax planning.

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Depreciation: What You Can Deduct and How to Calculate Deductions

Farm Accounting, Farm taxes

Posted by Mary-Karen Whittman on Nov 15, 2017 3:49:00 PM

Overview

Depreciation is an annual tax deduction for the cost of certain business property. Depreciable property includes buildings, machinery, vehicles, furniture, and equipment. To deduct depreciation, you must own the asset, use the asset for business, and use the asset for more than one year. You cannot depreciate property if you use it solely for personal activities. If you use property...

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Farm Manager, Are You Looking at These 6 Financial Measures?

Farm Accounting, Management, Farm Financials

Posted by Gary Huggins on Oct 25, 2017 12:15:00 PM

“What's considered enough money? Just a little bit more.”— Will Rogers

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Understanding Illinois 2017 Tax Legislation

Farm Finance, Farm taxes

Posted by Tera Schultz on Oct 19, 2017 3:30:51 PM

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.

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Disaster Losses as Tax Deductions

Ag Business, Farm taxes, Farm Financials

Posted by Tim Gradert on Oct 13, 2017 5:26:51 PM

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.

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Understanding Farm Financials

Farm Accounting, Management, Farm Financials

Posted by Brian Bennett on Oct 5, 2017 10:00:00 AM

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...

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Farm Taxes – Overview of Capital Gains Rules and the Family Farm: Buying & Selling Farmland Part 4

Farm taxes

Posted by Tera Schultz on Sep 27, 2017 4:41:53 PM

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...

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Does Your Farm Software Provide Tax, Credit, and Management Information?

Farm Accounting, Farm Finance, Farm taxes, Farm Software

Posted by Becky Wedekind on Sep 13, 2017 8:05:00 AM

There are three primary uses of financial information:

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Farm Taxes – Overview of Capital Gains Rules and the Family Farm: Buying & Selling Farmland Part 3

Farm taxes

Posted by Tera Schultz on Sep 12, 2017 11:33:11 AM

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...

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