Volume 6

Farm Tax Deductions and Planning Strategies for 2024

As the harvest season winds down and you plan for the coming year, optimizing your tax strategies should be a key focus. By leveraging specific farm tax deductions, you can significantly reduce your taxable income and preserve working capital.

Key Considerations for Effective Tax Planning

Business Classification: Ensure your farm qualifies as a business for tax …

Digital Acreage Reporting is Here

USDA Modernizes Acreage Reporting with Electronic Submissions

Nebraska farmer Quentin Connealy has ditched traditional paper maps and crayons for a more efficient digital system to file his mandatory acreage reports for crop insurance and the Farm Services Agency (FSA). This shift to electronic submissions not only saves time but also reduces costs and improves accuracy.

Embracing …

Exciting News for Michigan Blueberry Growers: Enhanced Crop Insurance Options Announced

Great news for Michigan blueberry farmers! The U.S. Department of Agriculture (USDA) has unveiled improved crop insurance options, set to provide substantial benefits to blueberry growers in the state.

Currently, Michigan is one of the largest blueberry producers in the U.S., supplying millions of pounds each year. However, the existing one-size-fits-all insurance model has not …

USDA Proposes Farmer Incentives to Amplify Biobased Product Growth

A recent USDA report indicates that the United States has a strong potential to convert its abundant biomass supply into biobased products, provided that improvements are made to supply chains and materials handling, and farmers are incentivized to produce biomass while minimizing risk.

The USDA has unveiled its strategy for enhancing domestic biobased product manufacturing, …

New Frontiers of Family Business

Family farms and ranches have a rich history, marked by pivotal moments like acquiring land or relocating, which signaled new beginnings and strategies for the family’s future.

Today, similar defining moments exist for family businesses, representing new frontiers and opportunities for change. Here are some ideas to consider:

Diversification: Don’t limit your business to what you …

Eight Practical Succession Ideas

Winter provides an ideal opportunity to strategize for the advancement of your family business. As you contemplate the months ahead, consider these eight suggestions to enhance your management succession and estate planning endeavors:

Review and update your balance sheet. Accurate valuation of inherited land is essential for effective estate planning, helping minimize tax implications.

Establish a …

Project GREEEN: 25 Years of Strengthening Michigan Plant Agriculture

In the late 1990s, Michigan’s plant agriculture faced serious challenges, with pests and diseases threatening growers. To address this, a partnership called Project GREEEN (Generating Research and Extension to meet Economic and Environmental Needs) was established, bringing together leaders from Michigan State University, the Michigan Department of Agriculture and Rural Development, and plant commodity …

USDA Allocates $27.6 Million in Grants to Support Underserved and Veteran Farmers

The U.S. Department of Agriculture (USDA) is providing $27.6 million in grants through its 2501 Program to support underserved and veteran farmers, ranchers, and foresters. The program offers training, outreach, and technical assistance to help them succeed in their agricultural ventures. These grants will fund various projects, including educational initiatives and resource connections. The …

Community College Ag Programs Could See $20 Million in New Funds

While staffing challenges persist, there is good news for the future of the farming industry in the form of significant growth in enrollment in agriculture and related science majors at national two-year institutions. In order to facilitate the development of the next generation of our nation’s farmers, six U.S. Senators have introduced the Community …