Tax time is a great time for farm financial analysis
Tax time is the perfect time to take your farm’s financial information and develop a farm financial analysis. MSU Extension is ready to help you with this process
In the past, a farm may have felt that they were doing well financially if they had some taxes to pay at the end of the year. That standard is not acceptable in today’s world where farms are now dealing with double or triple the dollars that they may have handled a decade ago. This huge volume of income and offsetting expenses has created a new risk that farm families are now seeing as something that they need to monitor. The larger cash-flows of today’s farms mean that even a small mistake can add up to large dollar values of risk that now require monitoring to stay profitable and competitive in the current markets.