Farm Taxation Services Sheet

Today’s farmers need integrated tax strategies and long-range planning to keep equipment in the fields and cash in their pockets. From accounting, tax, regulatory, and risk, to operations and succession planning, farmers are faced with a unique and complex set of financial challenges.

Learn how Anders can help farmers better manage finances, make more informed business decisions, and take operations toward higher profitability and long-term viability through our Farm Taxation Services.

To increase profits and cash flow over the long term, Anders can share techniques to help farmers better manage finances, make more-informed business decisions, and take operations toward higher profitability and long-term viability.

Beyond Traditional Tax Planning

Farms come in all types and sizes – ranches, ranges, vineyards and orchards; livestock, poultry, fish; or fruits or vegetables. When it comes to farm taxation, it can be a tricky area of the tax law. Whether your farm has row crops, Conservation Research Program or cash rent, we can help you make good tax decisions today that can last through multiple generations. We will help you put a profitability plan in place so that your business is structured in the best way possible to take advantage of ever-changing tax laws and incentives. Some of the highest value we provide is to help you navigate the “weeds” in farm taxation.

Advice You Need to Add Value:

• Assistance with decisions on how to generate income from the farm:
• Cash rent from row/crop
• Hunt lease income
• Conservation Reserve Program (CRP) enrollments
• Paying estimated taxes one time a year versus four times a year
• Estate tax planning for you and the next generations
• Retirement plan implementation for owners and key personnel
• Tracking all your equipment efficiently with a fixed asset audit
• Intermediary services between key family members to work out solutions to difficult issues
• Cost segregation analysis between depreciable and non-depreciable property
• Like-Kind Exchanges for both real and personal property
• Agricultural sales and use tax exemptions
• Family farm succession planning
• Government program compliance assistance
• Consulting on what to look for and what to include in the contract before you decide to purchase or sell a hobby farm or working farm

Assistance in More Typical Tax Areas including:

• Tax planning and compliance
• Audit and assurance, including financial statement preparation
• Accounting services, Outsourced payroll and bookkeeping
• Entity selection
• Business valuation
• Inventory management
• Fixed asset equipment audit
• Internal controls review
• Bankruptcy services

What Do CPAs Know About Farms?

Our leading agribusiness professionals were raised on or have worked on farms, or even own them, so they bring extensive firsthand knowledge to our clients. We combine our boots-on-the-ground experience with financial and business know-how to help you achieve your goals.

Related Farming Experience

• Pay monthly bills and deposit cash receipts
• Serve as outsourced accountant, controller, or CFO
• Prepare payroll through QuickBooks or Strategic partner
• Prepare monthly financials in various classes to accommodate various crops; farm entities; livestock and grain
• Prepare depreciation schedules for farm equipment and livestock
• Prepare Schedule F and Form 4835 for Form 1040
• Prepare Partnership and S Corporation federal and state income tax returns related to Farm property including multi-state filings
• Conduct Cost Segregation Study for new warehouse or building
• Implement retirement plan for owners and key personnel
• Assist in development of inventory control system
• Handle personal tax and estate planning for owners

Contact Us

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