In the financial world, your cash position is referred to as liquidity, i.e. your ability to pay your bills. Liquidity is important to any agricultural business, yet it may have a heightened significance depending on what you produce, how long it takes you to produce it and how it’s sold or marketed.
As we approach year-end, it’s an important time to think about tax planning. Tax planning is an invaluable tool to ensure that your business thrives and that your tax liability is manageable not only in the current year, but into the future. The last thing you want to find out when filing your tax return is that you owe more money than expected.
In the midst of an industry downturn, it’s important to have your financial and credit management plan in place to ensure continued success – waiting for a highly profitable year to recover finances is not a viable strategy. Learn eight tips that can help you plan for difficult market conditions before a “normal” cycle becomes a changed reality.
The end of the calendar year is typically when a lot of farm land leases are up for renewal in the Northeast, making it a good time for producers and landowners to take stock of their agreements and make changes if necessary.