Ag Industry Trends & Outlooks

With harvest upon us, apple bins are being filled and moved into storage. While this is a busy time of year for growers, it’s important to ensure you are proactively keeping track of production. We all have different ways to capture production information — whether it be a software with bin tags, hard copy logs from each trucker or sales records. The most important thing is the record keeping is done accurately.  

When people think of taxes, they typically think of their annual return. However, to best manage tax liabilities and optimize tax credits, tax planning should be an ongoing process. Even more so, over the past few years, several states in the Northeast, namely New York, have unprecedented tax incentive programs for businesses. 

Many parts of the Northeast have faced a challenging planting season with wet weather and cool temperatures; now as summer kicks off, many are seeing significant stretches of above average temperatures. Given these recent extremes in weather conditions, a review of the tax implications of various crop insurance programs is warranted. 

If retirement is on the horizon, the sooner you can start thinking about succession planning, the better. Whether your plan is to transition your business to the next generation or a non-family successor, you should be speaking to a consultant or advisor on how to make it a smooth transition.