If the only task you find less enjoyable than paying taxes is compiling the documents necessary to prepare your return, consider better record keeping for your farming operation. Better organization will not only help with tax preparation but also benefit your business.
Fun to make, frustrating to keep. So it goes with most New Year’s resolutions. But a thoughtful approach to listing goals or changes for your farming operation in 2015 can open your eyes to areas for improvement.
The drive toward improvement fuels many of us. In agriculture, improvement might mean increasing yields or becoming more efficient. Or maybe it’s reducing costs or better conserving a piece of land. Now is the perfect time to dissect 2014 and find areas of improvement for 2015.
As we gather with family, friends and other loved ones during this special time, we wish you the happiest of holidays.
As the year closes, so does the window of opportunity to bring your 2014 income and expenses in line with previous years. This savvy business move can help lower your income tax liability.
With margins squeezed tighter than a gopher in a hay baler, efficiency and cost containment have become agriculture’s near-term mantra. Effectively marketing your crop to maximize income is critical, but as you prepare for the coming growing season, consider the expense side of the ledger.
By now, you’ve likely already begun implementing your 2015 cropping plan — seed order is in; your fall fertilizer is down; spring fertilizer is locked in; herbicide decisions are formulated. As you continue developing next year’s plan, don’t forget to factor in some flexibility.
As you make plans to attend your favorite organizations’ annual meetings and conventions early in 2015, be sure to pencil in a visit with Case IH. You’ll find us at events across the country.
Congratulations to the winners of the #TractorTag promotion from this year’s National FFA Convention in Louisville!
This year’s dip in commodity prices doesn’t mean you should lose sight of managing year-end income and expenses. Doing so can significantly impact your tax burden.