Exploring Tax Savings and Planning Tips for Farms

In this episode, hosts David, Corey, and Tanner discuss the critical importance of tax planning for farmers as the year comes to an end. Acknowledging the challenges of dealing with bankers and CPAs, the hosts draw parallels between modern tax planning and the historical grievances expressed in the Declaration of Independence.

They are joined by Bill Glazner, an experienced CPA and ag industry leader from Adams and Brown, to shed light on the latest tax developments. Bill emphasizes the need for ongoing strategic planning and not just relying on year-end meetings. The conversation delves into various aspects of tax planning, including meeting frequency with top-tier clients, the role of fractional CFO services, and the impact of rising interest rates on farmers' financial decisions.

Bill also provides insights into disaster aid related to extreme weather conditions and shares lesser-known nuggets of information about tax codes for farmers, such as the ability to write off existing soil fertility. The discussion expands to considerations for farmers approaching retirement, where Bill advises planning well in advance to maximize benefits and minimize complications.

Overall, the episode offers practical advice and expert insights to help farmers navigate the complex landscape of tax planning, financial management, and strategic decision-making for long-term success.