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Articles Tagged with ''tax planning''

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Progressive Events: DBA commemorates 25 years of policies, practices and priorities

February 8, 2025
Karen Lee

Outgoing Dairy Business Association (DBA) President Lee Kinnard welcomed more than 400 people to the Dairy Strong conference on Jan. 16 in Green Bay, Wisconsin. The conference featured two keynote presentations and multiple breakout sessions focused on a broad range of topics from sustainability to policy.


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U.S. agribusiness: Explore future possible federal tax policies

Income tax policies under the new administration could significantly impact U.S. agribusiness producers, processors, cooperatives and related businesses. It’s important for agribusinesses to stay informed and adaptable to navigate the evolving landscape. Now that the election is over, here’s what we know.
January 6, 2025
Brandt Self and Joseph Duda

President Donald Trump’s platform includes proposed changes to income taxes, renewable fuels policy and the farm bill, which could have substantial implications for agribusiness producers, processors, cooperatives and related businesses.


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Equipment write-offs: There’s more to it than you might think

Buying equipment at year-end for tax deductions requires considering depreciation timing for the most benefit. Utilize bonus depreciation, Section 179 or a combination of the two to manage deductions strategically, balancing current and future financial impacts.
August 23, 2024
Doug Lincoln

It’s pretty common for clients to consider buying equipment at year's end in order to write it off for tax purposes. Bottom line: We need to think about depreciation timing for when the tax deduction will help the most.


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Having ranch records ready at tax time is easier than you think

Take the hassle and stress out of gathering records for tax season by having a good record-keeping and receipt system in place that you use and update throughout the year.
February 15, 2024
Terrell Miller

Another year, another season of taxes. It’s the same time every year, but for many of us, the time seems to sneak up as the days go by quickly.


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Anticipating and adapting to upcoming tax revisions

Insights on 2023 tax return changes and anticipated tax revisions post-2025, including adjustments to deductions, tax bracket and estate tax limits.
February 12, 2024
Terry Kissler

I’ll touch on a couple of those changes that we as taxpayers got to enjoy the last few years that no longer are in effect. However, the purpose of this article is to look ahead to what’s changing down the road.


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10 strategies for record-keeping success in the new year

As a new year begins, take a moment to refine your record-keeping habits. Learn about transitioning from paper records to a digital platform.
November 22, 2023
Terrell Miller

As the prospect of a new year dawns, it's an opportune moment to consider refining our record-keeping habits. Transitioning from traditional paper records to digital platforms can be transformative, and here's a comprehensive guide on how to make that change.


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Which version of QuickBooks works best for cattle operations?

QuickBooks has added an online platform in addition to its traditional desktop version. Producers considering the online version will want to look at pricing comparisons, internet connection, usability and more.
May 8, 2023
DeDe Jones

Learn the advantages and disadvantages of the QuickBooks platforms to help you decide which version best fits your business.


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Farming out the financials

When a farm or ranch grows, it can be difficult to keep up with the financial management areas of the business. In such cases, it may be wise to outsource at least some of the financial and accounting tasks.
January 24, 2023
Erica Louder

While agriculture extension has and continues to provide solid financial resources to teach farmers "in-house" accounting and finances, with growth, a farm or ranch must determine if and when to seek outside help.


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2022 tax preparation strategies

Recordkeeping, farm tax management, farm income averaging and depreciation considerations for farmers this tax season
January 23, 2023
Katie Wantoch

Many business owners and farmers often do not prepare their own federal tax forms due to the complexity of the tax laws. At the beginning of each year, farmers must review their recordkeeping, generate income and expense reports, capital asset purchases and sales lists, and meet with their tax professionals.


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Federal estate tax and gift tax limits raised for 2023

December 6, 2022
Dave Natzke

Farm families concerned about hitting top federal or state estate tax exemptions need to begin working on farm succession and estate plans to limit potential tax liability down the road.


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