Taxes and Finance
Data released by USDA on Monday shows the farm share of the U.S. food dollar hit an all-time low in 2021. However, USDA says the decrease doesn’t necessarily mean producers are making less.
John Phipps stumbled across a graph from farmdocdaily showing expected net farm income this year. The good times in ag are something in which Phipps encourages farmers to be grateful and he explains why in John’s World.
Before you flip the calendar to 2023, cross a few important tax to-dos off your list, encourages Paul Neiffer, CPA and principal with CLA.
The recent announcement that Amazon had replaced Walmart as the largest retailer in the U.S. shows a striking strategy similarity, and a chart of Amazon net income since 1994 paints the picture.
Friday brought mixed news for the economy. So, is the U.S. officially in a recession? K-State economists say it’s more important to watch changes in behaviors versus debating the definition of recession.
If you’re planning to buy farm equipment before the end of the year, here’s a refresher on two tax tools you can use.
The end of the year is closing in. Have you considered new prepaid expense moves? According to Paul Neiffer, farm CPA at CLA Connect, you should.
Grizzly bear, deer, museum items and a beer bottling line sending bottles down the track near where you visit with the tellers are all part of the offerings at The State Bank of Faribault.
An increasing number of farms might soon be unable to service their debt with existing assets. This means they face extremely difficult decisions and might be considering filing bankruptcy—which provides both opportunities and challenges.
Whatever it is, take some time now to think about where you can improve your ROI in your farm business.
As backlogs at U.S. ports and climbing shipping rates plague the supply chain, new data shows container shipping rates between the U.S and China are dropping by more than 50% in just a month.
U.S. President-elect Joe Biden has said that he will not immediately act to remove the Phase 1 trade agreement, which President Donald Trump inked with China, the New York Times reported on Wednesday.
As a last-minute shift toward small-scale celebrations upends demand for the star of Thanksgiving tables, turkey producers and retailers are scrambling to fill orders for lightweight birds and partial cuts.
Up to $12.06 million can be passed to your loved ones upon death, exempt from federal estate tax. While living, you can also gift $16,000 annually to as many individuals as you’d like. Of course, some exceptions apply.
Married and on the farm? If one spouse dies, make sure the surviving spouse works with an adviser to file IRS Form 706 to benefit from any unused federal gift or estate tax exemption. You could save millions.
Even though the transfer tax might not happen, it is likely we will see major changes in gift taxes.
Outline policies and procedures to promote safety.
The Senior Vice President of Real Estate Operations for Farmers National Company reported during the first six month of its fiscal year, land sales were up 56% over the same time last year.
Even with a divided Congress, there are some issues Karla Thieman from the Russell Group thinks can still be worked through in the next Congress, but one of the biggest hurdles will be crafting a the next farm bill.
Trouble started brewing for the rural economy earlier this summer. Now it’s been confirmed for five straight months.
Why is there resistance to new technologies like robotic milkers and other automation by dairy farmers, especially with the challenge in finding labor today? John Phipps provides insight in Customer Support.
Adjusted gross income (AGI) is an income tax calculation based on how income is reported on your income tax return. A farmer who files a Form 1040 can easily find AGI since it is a line item on the income tax return.
The DEF shortage story centered on the largest users of DEF – truckers. What’s causing the possible shortage and are the concerns imminent? John Phipps looks into the issue in John’s World.
Warning signs about the health of the general economy are blaring, but Farmer Mac’s summer issue of “The Feed” shows why ag lenders are in a better financial position to help farmers weather the higher costs.
How are small independent businesses like grain elevators, welding shops, independent seed dealers and other local businesses going to find labor at wages they can pay? John Phipps answers the looming labor question.
Global grain trader Archer-Daniels-Midland Co (ADM) reported a 74% rise in second-quarter profit on Tuesday, benefiting from high demand for grains and tighter supplies following Russia’s invasion of Ukraine.
While diesel fuel prices are off their summer peak the high cost is hitting hard at the farm level.
Truckers protesting California’s new “gig worker” law blockaded the state’s third-busiest seaport for a second day on Thursday, stalling agricultural exports and threatening to worsen U.S. supply chain backups.
Norwegian fertilizer-maker Yara posted slightly higher than expected second-quarter profits on Tuesday and warned there could be shortages of nitrogen-based fertilizers amid high gas prices.