The bounty and spledor of Fall
October 19, 2012
As the days get shorter, and with harvest complete or nearing, our thoughts and efforts turn toward reflection, assessment of this year and the "unending faith" for next year. At the time of this writing, there are certainly opposing views of the past year. In my most recent travels to the North/East Central regions of the state; I observed piles of corn and beans near elevators, vs. the silage piles and sparse fields and pastures of areas south of I-90, and out west. We all must continue to accept and realize that your turn for respectable yields combined with high prices has, can and will come again.
With this mild weather, is the urge to keep doing projects around the farm. It is crucial not to neglect your farm records, as certain actions may need to be taken to adjust, offset, prepare for any tax management you can do for your operation. We've mentioned before, but I shall resound, the scenarios you may have developing for your tax year 2012.
1) Did you prepay some expenses in December 2011 that was abnormal for your operation?
2) Did you defer revenue from some 2011 sales into 2012?
3) In lieu of high feed costs have/are you going to sell your calves in this calendar year?
4) Are you going to have a crop insurance indemnity that represents income from a crop you would normally sell in the next year?
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5) Have you taken full depreciation on equipment purchased in past years that has a loan against it, thus need to make a large non-deductible principal payment?
These are just some of the things we can help you keep an up to date handle on by participating in our FRBM program.
I've likely stated before, but this is one of my favorite times of the year. If you are a livestock producer with access to rough feed, this is the season to put some condition back on those animals [I apologize to the stockmen not having this available this year.] I often say (to the bewildered frowns of others), "What a great day to be a cow". Her worries about caring for a calf are over, flies are almost gone, and she can rummage around for her own feed and not have to "lower" herself to being dependent on a human feeding her! Plus the bulls are locked away, to boot! It's almost as if they've left their kids and spouses behind and are on a shopping spree with no worries!
You can reach one of the instructors for FRBM at 1-800-684-1969 or http://www.mitchelltech.edu