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.

With all the talk around interest rates, inflation and feed prices, I’d like to take some time to work through how they will impact your farm and the dairy industry as a whole in 2023.

Farm profitability faces significant pressure in 2023 as availability and high costs for farm inputs continue to be concerns. Deciding when to buy products and at what prices is a challenge given global and domestic market uncertainty. To secure products at reasonable prices, consider creating an input purchasing plan.

The National Milk Producers Federation (NMPF) is updating members on the organization’s activities regarding potential Federal Milk Marketing Order (FMMO) reforms. NMPF hosted three webinars and a large-scale summit in July.