Ag Advantage

Browse these helpful agricultural financial management resources.

I’m Not Fluent in Farm Accounting

Farm Accounting

Posted by Carolyn Roberts on May 23, 2018 11:26:00 AM

One of the many struggles of keeping a farm operating in the black is the intricacy of farm accounting. Many things set bookkeeping apart for farms of all sizes, but a few things particularly make farm accounting and tax management different from that of other businesses.

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AgManager: Learn More About Our Farm Business Management Software

Farm Software

Posted by Carolyn Roberts on Apr 26, 2018 8:23:00 AM

AgManager software is the premier accounting software tool we use at AgriSolutions, a FamilyFarms company for more than 30 years. Even as the tool has evolved with advances in technology, the focus on providing an accounting software solution specifically for agriculture operations has remained the same.

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How Can an Ag Consultant Help You Improve Financial Management?

Ag Consulting

Posted by Brian Bennett on Apr 12, 2018 10:10:00 AM

When thinking about how an agricultural consultant can help your operation, consider the value of having an individual on your team who is not emotionally connected to your operation and is qualified to review the financial status of your business while looking for accuracy and consistency and assuring records are ready for compliance and planning. Establishing a relationship with a financial...

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Updated Payroll Withholding Tax Calculator

Posted by Mary-Karen Wittman on Mar 21, 2018 10:10:12 AM

 

There is an updated payroll withholding tax calculator available on the IRS.gov website. Employees can complete the new version of Form W-4, Employee’s Withholding Allowance Certificate, and submit it to their employers.

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Budgeting For Your Ag Operation: Why, What, How?

Farm Accounting, Ag Business, Farm Business Planning

Posted by Gary Huggins on Mar 20, 2018 2:30:00 PM

Why do you need a budget for your family farm?

A budget is a farm owners’ plan of action. Without a budget, farm owners are shooting in the dark when it comes to trying to plan expenditures and match them to revenues. Budgets are also a tool for operational performance evaluation. Budgeting allows farmers to model the financial effect of various yields, prices, input costs, expansion, and...

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What Are the Most Profitable Crops to Grow in the US?

Farm Accounting, Farm Software

Posted by Brian Bennett on Mar 14, 2018 6:12:00 PM

According to the USDA reports for the past few years, the eight major crops planted in the U.S. are corn, soybeans, wheat, cotton, sorghum, rice, barley, and oats. The crops planted vary by geographical area and are influenced by a variety of factors, including market accessibility, climate, soil type, just to name a few. For the 2018–2019 crop year, the USDA projects the following returns...

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The Tax Cuts and Jobs Act Passed December 22, 2017

Farm taxes

Posted by Mary-Karen Wittman on Jan 5, 2018 8:59:29 AM

On December 22, 2017, the President signed the Tax Cuts and Jobs Act.  This is the largest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will pay. There were many changes that impact agriculture business directly outlined below. Most of the changes...

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Tax Planning Guide in Agriculture for 2017

Ag Business, Farm taxes, Tax planning

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

 

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

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

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

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 Wittman on Nov 15, 2017 3:49:00 PM

“This Post Has Not Been Updated to Include Changes from the “Tax Cuts and Job Act” passed on December 22, 2017.”

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...

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