Items Tagged with 'tax planning'

ARTICLES

Taking the stress out of tax season: What dairy producers need to know

Keeping accurate, organized records, communicating in a timely manner, managing inventory accurately and utilizing technology can make tax season less stressful for dairy producers.
February 12, 2026
Marvin Slingerland

Year-end accounting doesn’t have to be a scramble. With clear records, early communication, accurate inventories and the right technology, dairy producers can turn year-end into a powerful management tool rather than a stressful deadline.


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The not-so-fun side of buying new equipment

Record prices helped many operations reinvest in long‑needed equipment, yet tight inventories and higher income created new worries about taxes, timing and cash flow. While neighbors may assume “it must be nice,” most producers are simply catching up after years of sacrifice and deferred maintenance.
February 5, 2026
Andy Overbay

Strong cattle markets have allowed some producers to finally upgrade equipment, but those purchases come with more stress than most people realize.


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Federal estate tax and gift tax limits announced for 2026

Estate and gift tax thresholds will shift again in 2026, offering time for farm families to pause and think about the future. Even in states with their own estate or inheritance taxes, the real work of succession planning is less about numbers and more about protecting the legacy built over generations. Starting early gives families room to talk, prepare and shape a transition for those involved.
January 19, 2026
Paul Goeringer

New federal estate and gift tax limits for 2026 are set, making this a good time to revisit your long‑term transition plan.


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The One Big Beautiful Bill Act – what farmers need to know about tax changes

Signed on July 4, the One Big Beautiful Bill Act reshaped estate rules, taxes, deductions and family credits in one package. Its rollout collided with stalled appropriations, triggering an October shutdown, before a November resolution restored funding and extended the 2018 Farm Bill through 2026.
December 16, 2025
Marian Viney

OBBBA reshapes taxes, credits and succession planning in one sweeping package – bringing relief and complexity to farm families.


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Top 3 financial planning concerns for agribusiness owners and operators

Questions regarding whether an estate plan protects assets for future generations, reducing tax bills and having a successful succession plan are top of mind for many dairy producers, including those participating in this survey.
September 8, 2025
Mark Sherin

We spoke to more than 100 dairy operators, farmers and ranchers, and the top three concerns were protecting assets for future generations, minimizing tax liabilities and ensuring a successful succession or exit strategy. Let’s explore how family farmers can address each one.


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Tax bill signed into law: What it means for you and your strategy

President Donald Trump signed the One Big Beautiful Bill Act into law, bringing significant changes to individual, business and nonprofit tax planning. Understanding its implications is crucial for making informed decisions.
August 27, 2025
Michael Smith and Miryam Wisnicki

On July 4, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law following swift passage by both the House and Senate. This sweeping legislation brings significant changes to individual, business and nonprofit tax planning – many of which take effect in 2025 or 2026.


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Could mediocrity be the right goal? A practical perspective on cattle production

Cattle producers take pride in raising their animals. While it’s typically accepted that “more” is always better, might “less” be more desirable in some cases when it comes to quality?
July 18, 2025
Bruce Derksen

Chasing cattle production perfection is a commendable goal, but could it be too costly and unrealistic for some operations? Will aiming for “good enough” help balance expenses, resources and challenges such as weather and market shifts?


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Adding productivity to land

Producers put maximum time, expense and effort into keeping land for generations. So it's worth considering what steps can be made to maximize its usefulness and productivity.
February 10, 2025
James Coffelt

Land is our largest investment, asset and expense. So how exactly can we add to its production? One key goal to start with: Convert unproductive land to productive. Cattle perform miracles in converting poor land into production.


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