November 23, 2022
Tax Planning & Working Capital in a Strong Income Year
For many crop and livestock producers, 2021 and 2022 were both strong net farm income years making tax planning strategies important. Purdue agricultural economists Brady Brewer and Michael Langemeier discuss strategies that will help reduce tax liabilities while also maintaining working capital in this episode of the Purdue Commercial AgCast. Strategies to consider include deferring income, prepaying expenses, retirement plan contributions, bunching itemized contributions, or hiring your children all of which won’t drain your farm’s working capital as much as using accelerated depreciation. Preserving working capital for family living and principal payments may be necessary for 2023 if higher breakeven prices and lower cash flows hold true to current 2023 projections. Slides from the discussion can be found below.
Recorded January 3, 2018 | Purdue ag. economists Chris Hurt, Michael Langemeier & Jim Mintert discuss the ag. economy outlook and management strategies for 2018.READ MORE
Two outstanding farms in south-central Indiana will host visitors wanting to learn about farm and crop management on July 11th for the Purdue University Farm Management Tour. The Indiana Master Farmer reception and panel discussion will follow.Read More