COUNTY AG NEWS
This is the time of year that many farmers dread: the culmination of a year of receipts, tax season. You painstakingly keep track of purchases, livestock sold, crop sold, depreciation on equipment, etc. Eventually this all comes together with the help of your financial/tax advisor and accountant. Sometimes the financial advisor and accountant are the same person.
If they aren’t make sure to talk with both and have them consult with each other… both “hands” need to be talking to each other to get the best of both worlds. All of this hard work and effort cumulates into the famed schedule F (and other forms) to complete your taxes. Another season under the belt.
Wait, don’t stop there. All of that effort to get to the schedule F for taxes just got you two thirds of the way to using some financial analysis tools that can help you make better financial decisions.
Work with your financial advisor, technical college agriculture instructor, UW-Extension agriculture agent, or other trusted advisor to help you work through a few tweaks that may be needed to translate your schedule F into a cash flows statement, balance sheet, income statement, or various budgets.