Taxes and Finance
The net farm income story this year is far from over. Farmer Mac’s chief economist says history shows USDA’s initial look at net farm income is typically too low and this year may be no different.
No matter what size of business you have now or wish to build, you can convert your business to enterprise level at any point.
USDA’s first look at net farm income shows without continued ad hoc government payments, net farm income will drop this year.
See how Farm Credit Mid-America is making it easier than ever for ag professionals to save time and money.
COVID-19’s ripple effect has again hit the farming community. This time, USDA responded by announcing a temporary suspension of past-due debt collections and foreclosures for borrowers.
USDA late Wednesday posted notice that $2.3 billion in supplemental Coronavirus Food Assistance Program (CFAP) payments will be temporarily frozen.
Collecting across-the-board data is increasingly important for the sustainability and success of your business, but it doesn’t have to be a monumental task.
Michigan farmer Michael Stamp was sentenced to eight years in prison this week. A federal indictment filed in 2017 accused Stamp of federal crop insurance fraud and bankruptcy fraud.
In summary, the lawsuit alleges crop input manufacturers, large wholesalers and retailers have created an unfair market for farmers.
Decatur, Mich. farmer Mike Stamp faces a 14 count indictment stemming from his 2012 bankruptcy, including federal crop insurance fraud.
MN Millennial Farmer’s YouTube videos have been viewed 163 million times. Now, he’s using his social media platform to give back to rural fire departments by raising $60,000.
USDA is making available more than $2 billion in additional CFAP funding.
Farmers may be eligible for an increase to their original Paycheck Protection Program (PPP) loan or perhaps qualify for a second PPP loan.
When obtaining credit to manage a profitable farming operation, it pays to be proactive rather than spontaneous.
![Modern Monetary Theory [MMT] has one thing going for it, though – reality.](https://assets.farmjournal.com/dims4/default/8c02384/2147483647/strip/true/crop/640x428+0+36/resize/250x167!/format/webp/quality/90/?url=https%3A%2F%2Ffj-corp-pub.s3.us-east-2.amazonaws.com%2Fs3fs-public%2FCA88E7C7-2CED-4089-ACF5BE9C6A3F40EE.jpg)
Modern Monetary Theory [MMT] has one thing going for it, though – reality.
Most farmers assume they can elect to defer these proceeds to 2021. But you must follow certain rules to qualify.
Farm Credit Mid-America has created a quick, simple and competitive option to assist farmers requesting $75,000 or less to fulfill those immediate financial requirements.
Late-year strength in commodity prices was welcomed by farmers in 2020, but even with prospects of a brighter outlook for 2021, risk management is still a top priority for maintaining success.
“The early part of the year should look very different than the latter, but in total, economic growth is estimated to be about 4%, following a retreat of roughly 4% in 2020,” says Dan Kowalski.
The road to full ethanol recovery may be a long haul. And as ethanol stocks pile up, some ethanol plants are producing ethanol as a byproduct now.
The concept of depreciation is pretty simple. You purchase an asset and then deduct part of that cost each year until it is fully written off.
Understand your farm’s legal risks of disgruntled neighbors.
Use upcoming meetings to prepare for a successful 2020.
Campbell Soup Shifting Canadian Production to Its U.S. Factories
The Trump administration released a summary of its sweeping tax reform plan Wednesday that has some considerable changes – including repealing the so-called death tax, which is sometimes criticized as a hardship for small businesses and farms.
New and expanded tax incentives for farmers and small businesses provide more flexibility in tax management this year.
Here’s a quick rundown of changes farm managers should pay close attention to this year.