Thanks to the productivity of the American farmer and rancher, inventories of most grains, oil seeds and sources of meat protein are plentiful.

Managing taxable income to minimize one’s tax obligation is a goal of many business owners. However, managing taxable income as an agricultural business owner can be challenging.

There are a few agricultural producers still active who remember the 1980s and the difficult times that persisted throughout much of the decade. For those unfamiliar with the stress many producers experienced during that time, a reflection back provides a comparison and may provide insight into what to expect for the next few years.

Many have been anxiously waiting to see what Congress would do with several of the tax laws which were set to expire at the end of 2012. One of the main concerns was expiring estate tax legislation.