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.
Why think long-term with tax planning? A lot of life events — things like marriage, buying a home, starting a new business venture, and the three “Big Ds”: Death, divorce and disability — can have major implications to your tax liability. Planning for these types of life events, which can cause a major change in how your business is owned or operated, can help prevent a dramatic shift in tax liability down the road.
As important as education is to building the next generation of northeast agriculture leaders, it’s just as important for young producers to learn to apply that education to their industry. That kind of experience and training is a major part of Farm Credit East’s GenerationNext program.
Many of the men and women who start or work their way into agricultural businesses do so out of a love for the work and the independence that comes with being one’s own boss and working on the land. That independence sometimes comes along with an adherence to the old saying “If you want something done right, do it yourself.” But, that may not always be the best or most efficient way to manage an ag business.