As the harvest season winds down and you plan for the coming year, optimizing your tax strategies should be a key focus. By leveraging specific farm tax deductions, you can significantly reduce your taxable income and preserve working capital.
Key Considerations for Effective Tax Planning
Business Classification: Ensure your farm qualifies as a business for tax …
USDA Modernizes Acreage Reporting with Electronic Submissions
Nebraska farmer Quentin Connealy has ditched traditional paper maps and crayons for a more efficient digital system to file his mandatory acreage reports for crop insurance and the Farm Services Agency (FSA). This shift to electronic submissions not only saves time but also reduces costs and improves accuracy.
Embracing …
Great news for Michigan blueberry farmers! The U.S. Department of Agriculture (USDA) has unveiled improved crop insurance options, set to provide substantial benefits to blueberry growers in the state.
Currently, Michigan is one of the largest blueberry producers in the U.S., supplying millions of pounds each year. However, the existing one-size-fits-all insurance model has not …
A recent USDA report indicates that the United States has a strong potential to convert its abundant biomass supply into biobased products, provided that improvements are made to supply chains and materials handling, and farmers are incentivized to produce biomass while minimizing risk.
The USDA has unveiled its strategy for enhancing domestic biobased product manufacturing, …
Family farms and ranches have a rich history, marked by pivotal moments like acquiring land or relocating, which signaled new beginnings and strategies for the family’s future.
Today, similar defining moments exist for family businesses, representing new frontiers and opportunities for change. Here are some ideas to consider:
Diversification: Don’t limit your business to what you …
Winter provides an ideal opportunity to strategize for the advancement of your family business. As you contemplate the months ahead, consider these eight suggestions to enhance your management succession and estate planning endeavors:
Review and update your balance sheet. Accurate valuation of inherited land is essential for effective estate planning, helping minimize tax implications.
Establish a …
With the fall harvest season in full swing, it’s essential for drivers to be aware of the increased presence of large farm equipment on the roads. These implements require more road space, so drivers should be prepared to slow down, pull to the side, or stop when necessary. Rural drivers must remain vigilant, as …
In the late 1990s, Michigan’s plant agriculture faced serious challenges, with pests and diseases threatening growers. To address this, a partnership called Project GREEEN (Generating Research and Extension to meet Economic and Environmental Needs) was established, bringing together leaders from Michigan State University, the Michigan Department of Agriculture and Rural Development, and plant commodity …
The U.S. Department of Agriculture (USDA) is providing $27.6 million in grants through its 2501 Program to support underserved and veteran farmers, ranchers, and foresters. The program offers training, outreach, and technical assistance to help them succeed in their agricultural ventures. These grants will fund various projects, including educational initiatives and resource connections. The …
While staffing challenges persist, there is good news for the future of the farming industry in the form of significant growth in enrollment in agriculture and related science majors at national two-year institutions. In order to facilitate the development of the next generation of our nation’s farmers, six U.S. Senators have introduced the Community …
