October, 2009

Pay Down Your Debt

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October 31st, 2009

Farmers are enjoying fairly low short-term and long-term rates right now (that is assuming you can borrow the money).  With the government continuing to pump large amounts of liquidity and stimulus into the economy, it is very difficult to predict that these lower rates will continue to last much longer. Much like, fertilizer, fuel and […]

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Trip to Kansas City

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October 22nd, 2009

I just got back from spending about three days in Kansas City.  During my time there, I was able to get in about 6 hours of driving a John Deere 9660 combine.  It took until about noon for the soybeans to dry up enough to be able to harvest them. I know when I was […]

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Solutions – Not Empathy is What Matters Most

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October 15th, 2009

About two months ago, I messed up with paying a bill for another business that I am involved in.  I sent a check for $6,500 made payable to one vendor to a different vendor for a $45 bill.  Of course, they cashed the check and my other vendor wondered why they did not get paid. […]

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Defer the Crop Insurance Payment – MAYBE!

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October 13th, 2009

Several of my farm clients have called me and asked whether receiving a crop insurance payment this year is taxable in 2009 or 2010.  I commonly tell them the answer is yes.  It may be taxable in 2009 or 2010 depending on what type of crop insurance it is and other matters. In general, if […]

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Take Advantage of a Weather Rally

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October 9th, 2009

We had a good weather rally back in the spring when it was apparent that the come would be planted lack due to the rain in Illinois and other areas.  It appears that we might be having a weather rally due to the frost coming this weekend. I would highly suggest that you review your […]

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Some Fun Facts About Farming

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October 8th, 2009

The Agricultural Statistics Board of the United States Department of Agriculture publishes many reports during the year.  I find it interesting to review these on a periodic basis (my wife does not seem to think this is much fun).  Some of the fun facts that I recently spotted were: Texas is about four times larger […]

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Four Key Steps to Expand Your Operation

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October 7th, 2009

Top Producer Magazine / Website is a great resource for farmers that are trying to be the “Top Producer”.  I recently came across a short article from their editor, Greg Vincent, about expanding a farm.  He interviewed former Farm Credit Services of America (FCSA) financial officer turned financial consultant, Roger Schlitter.  I thought it had […]

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Minnesota Median Farm Income Down 15% in 2008

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October 5th, 2009

The University of Minnesota has a Center for Farm Financial Management that performs an survey of farms in Minnesota.  In August, they issued their report for 2008.  Some of the key findings are as follows: Median net farm income was $90,039 which was down from $105,489 in 2007.  This represents an approximate 14.6% decrease.  Median net […]

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Pay Your Kids – It Pays at Tax Time

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October 2nd, 2009

I remember working on our wheat and pea farm for my parents when I was in high school.  During spring, I would help plant the peas.  During harvest, I drove the combine for about 3 to 4 weeks depending on the yields, weather and how much custom cutting we did.  In the fall, I would […]

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