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.
The SECURE Act passed in December 2019 with changes and exemptions worth noting. Dario Arezzo gives a summary of ‘stretch IRA’ and 529 plan changes and how they could shake out under the new rules.
A proactive tax planning strategy isn’t about simply avoiding taxes. Rather, it focuses on paying the right amount of tax that maximizes tax benefits and minimizes tax over the long term. Farm Credit East financial services leader Doug Myers discusses what’s in his tax planning toolbox.
Accurate records are an important management tool, but did you know they can save you money? Accounting associate Emily Quinn discusses how proactively understanding your financial picture could help keep some cash in your pocket.
