7 year-end tax planning tips for farmers

In the season of spending time with family and friends, year-end tax planning probably isn’t high on your holiday to-do list (perhaps it’s not even on the list yet!). While tax planning might not be the most exciting thing to do during the holiday season, it’s important to start tax planning as the year ends….

Ag Barometer Producer Results Soar

Ag Barometer Producer Prices Increase Soaring soybean prices, now at a four-month high, helped to push up the Purdue/CME Group November Ag Economy Barometer to 116, its highest level since October 2015. The barometer rose 24 points above the October low of 92 in the nationwide survey of 400 agricultural producers, according to the report released…

Now Gen and Next Gen need to be on the same page

Now Gen owners of family businesses owe it to the Next Gen to start the discussion of how the transition will occur, how it will be paid for, and when it will occur. Original post By Julie Bogle, Partner – Smith & Gesteland, LLP I recently had the good fortune of spending a few hours…

5 Key Steps to Successful Farm Transition

Tips for successfully handing your farm over to next generation by Chelsea Johnson Transitioning your family farming operation to the next generation of owners can feel overwhelming at times. You may be considering questions like: Where do I start? Do I need a lawyer involved? How do I make sure the farm stays successful through…

October Ag Barometer Results

Producers’ fading hopes for a turnaround in the ag economy pushed down the Purdue/CME Group October Ag Economy Barometer to its second lowest reading yet, according to a report issued Tuesday by Purdue University’s Center for Commercial Agriculture. The survey results came as the farm economy struggles with lower commodity prices and record crops. In…

Overtime Rules May Hit The Family Farm

Ready for Farm Overtime? New Labor Rules Hit Salaried Workers Who ever thought the family farm would have to worry about labor rules while they work hard to get the job done.  We thought this article from Northern Ag may be helpful. Agriculture’s 24/7 workload poses special issues for payroll. Most farmers assume they are…

Legacy Farm Plan From The Cloud

Planning for farm succession Increase the odds of creating a successful legacy by developing business transition plans. This article from Midwest High Plains/Midwest Journal points out the importance of careful planning to make a successful transition to the next generation. At least one out of five farmers doesn’t have a clue what will happen to…

Upcoming Event: Red Wing Software Training

Learn From Our Partner Learn everything you need to know to work efficiently and improve your day-to-day skills in your accounting and payroll software. You will find ways to save time and obtain the information you need to make better management decisions.  If you are in the market for new accounting software, you have surely…

Farm Business: Ideas for Paying College Tuition

Making The First College Tuition Payment SALARIES TO THE STUDENT If the student is working on the farm for some part of the year, compensation can be a great tool. The student’s salary isn’t subject to income tax until it exceeds the standard deduction ($6,300 for 2016). Normally, there will be the 15.3% Social Security tax…

Monthly 2016 Ag Economy Barometer

End Of Summer Barometer Results The higher the index number the stronger the economic outlook of U.S. agricultural producers. The index is based on survey results from 400 ag producers. Producers view of the weather, commodity prices, and financial conditions can affect the index. As promised we’ll bring you the ag economy barometer each month.  Quarterly,…