This blog is designed to help your farm operation be more profitable. It is not only just about income tax planning, but any other ideas that we might come across that will make your farm more profitable. The most important part of this process will be feedback from our readers on topics or questions that pertain to their farm operation.
We find that these are the best topics since probably if it pertains to you, it also pertains to other farmers.
A little background on me. I was raised on a wheat farm near Walla Walla, Washington. This is some of the most productive dry land wheat country in the world (in excess of 130 bushels per acre at times). My best memories are riding the combine with my Dad and then taking over from him when I was in high school. As was true of a lot of smaller family farms in the early 80's, i found out I could make more money as a CPA than a farmer, however, I still miss farming. I do own with a partner near Kansas City about 250 acres of corn and bean land and enjoy going there in the fall to drive the combine. They are much nicer than driving one 30 years ago.
The type of posts that you will find on this blog include:
- Sucession planning - How to transfer the farm from the current generation to the next;
- Income tax planning - How to keep more of what you make;
- Retirement planning - When do you have enough and how do you make sure you do not run out;
- Financial statement analysis - What is important on your financial statement and how to use it.
I do have a professional blog at www.farmcpatoday.com and would love for you to visit that site. You may see an overlap of the posts on that site and this blog, but I will try to keep that to a minimum.
It would be great if I got some questions this week to reply to.