Are you a profitable business owner? Are you looking for ways to reduce your federal income tax liability without spending cash?

In the dairy industry, nickels and dimes make a big difference over time. Dairies have the unique ability to compare their financial performance against their production numbers, giving them information on a per-hundredweight basis.

Suggesting that everyone could benefit from using a particular accounting technique is risky. It would have to simplify a job that “everyone” needs to do and save “everyone” a lot of time.

Between USDA assistance such as the Commodity Food Assistance Program (CFAP) payments, Paycheck Protection Program (PPP) loans and everything in between, it will be critical for dairy farmers to stay up to date on projected year-end numbers to avoid unpleasant tax surprises. The first place to start is with accurate records.