Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Austin Duerfeldt
Managing an Ever-complex Farming Operation: 7 Types of Waste
One common comment I get when talking to different producers is their desire to know how other operations succeed. Some operations can handle a vast quantity of acres, but no matter the size, we all face the same constraint of hours in a day. My comment to those wishing to increase profitability is that there are ways to do just that without adding more cattle or acres. Working to reduce waste within an operation is essential for efficiency.
Considerations for joint farm machinery ownership
Pixabay user Thomas B. PUT IT ON PAPER: Joint ownership can be a good way to add machinery to an operation in a cost-effective manner. Have a written agreement on the rules for using the machinery. Tough Decisions: With equipment in high demand, some farmers may explore splitting costs with a neighbor. Jul 09, 2019 By Austin Duerfeldt For farmers and ranchers with flood-damaged fields and pastures, the need for specialized equipment to move and level ground is at the top of everyone's list.
Decision Tools for Ranchers
Nebraska ranchers must make many decisions during a normal production year and now have even tougher decisions where they have experienced serious flooding in early 2019. Wide varieties of decision tools are available to help the rancher make the decisions. Some of the tools require a computer office suite, like Microsoft office, with a spreadsheet. Both of the below listed office suites, Libreoffice and OpenOffice, are free suites with spreadsheets.
Ways to Stretch Cash Flow
Canceling or renegotiating leases that are unprofitable is one way to help stretch your cash flow. ( Troy Walz, University of Nebraska Extension ) Over time, negative cash flows will put farm and ranch businesses, and the lifestyle of the owners, at serious risk. The following suggestions for additions to cash flow are adapted from Iowa State Extension AgDecsionmaker C3-58, Farm Financial Management: 16 Ways to Stretch Cash Flow, written by William Edwards, retired extension ag economist.
Ways for farmers and ranchers to stretch cash flow
Ag economists offer 13 suggestions to improve your situation. Feb 26, 2019 By Robert Tigner and Austin Duerfeldt Over time, negative cash flows will put farm and ranch businesses — and the lifestyle of the owners — at serious risk. The following suggestions for adding to cash flow are adapted from Iowa State Extension AgDecisionmaker C3-58, Farm Financial Management: 16 Ways to Stretch Cash Flow, written by William Edwards, retired Extension ag economist. Here are 13 suggestions: 1.
Side business can add to farm income
By Austin Duerfeldt Few farm operations are strictly production-based models anymore. For example, row crop farmer Smith sells seed corn as an additional business and his brother Randy does custom hay harvesting. Beef rancher Wilson builds fence and rents out some portable cattle chutes and alleys. Producer Davis is doing tile and conservation work. Some of these side businesses become major income sources for those families.
Ag Accounting: The Ins and Outs of Prepaid Expenses
This is part of a series: Accounting for Agriculture. We have all witnessed the prepaid December scramble: a farmer running all over town writing checks because a tax preparer just advised that an additional $40,000 in expenses would be beneficial. One stop will be to the chemical company, another stop to the machinery dealer, and then maybe, if more is necessary, there will be a stop at the oil company to contract some fuel.
Expense or depreciate small business purchases?
By Austin Duerfeldt When preparing farm taxes, the following question often arises, "When do I depreciate vs. expense?" For high-dollar assets, most taxpayers know to depreciate the item. What about smaller-dollar items? Where is the line here? Think of assets such as a new computer, a grain moisture tester or a single-axle utility trailer. Those examples are all assets that are used for multiple years of production, but could cost under $2,500.
Expense or depreciate small business purchases?
By Austin Duerfeldt When preparing farm taxes, the following question often arises, "When do I depreciate vs. expense?" For high-dollar assets, most taxpayers know to depreciate the item. What about smaller-dollar items? Where is the line here? Think of assets such as a new computer, a grain moisture tester or a single-axle utility trailer. Those examples are all assets that are used for multiple years of production, but could cost under $2,500.
Understanding depreciation under new tax law
By Austin Duerfeldt The end of the year is fast approaching, which means it is time for bookwork and tax planning. When working on agricultural tax returns, some of the more utilized sections of the tax code deal with depreciation. While the usual ways of depreciation are still very much active and available, the limits and qualifying property have changed under the new Tax Cuts and Jobs Act (TCJA).
Depreciation - What It Is and How To Use It
Depreciation is the decrease in value of an asset over time. The purpose is to recognize that a purchased asset such as a tractor will last more than one year, but does have a limited useful life. Two accounting principles drive the calculation and reporting of depreciation. The first is the cost principle. The cost principle requires us to record an asset at its historical original cost.
How Good Accounting Practices Aid Decision Making
It was 2011. I was hired as an accountant to review a farm operation and its various operations: corn, soybeans, dairy, beef, hogs, and chickens. Corn and soybean prices were setting record highs every day it seemed. The livestock markets also were doing well. For the given economic climate the farm operation review should have been relatively straightforward. Unfortunately, I found that not to be the case. As I started in, I began noticing something odd.
How Good Accounting Practices Aid Decision Making
It was 2011. I was hired as an accountant to review a farm operation and its various operations: corn, soybeans, dairy, beef, hogs, and chickens. Corn and soybean prices were setting record highs every day it seemed. The livestock markets also were doing well. For the given economic climate the farm operation review should have been relatively straightforward. Unfortunately, I found that not to be the case. As I started in, I began noticing something odd.
Trading Equipment Without Like Kind Exchange
Figure 1. Considering a new equipment purchase? Accounting for new ag equpment purchases changed with the new tax law. It might be a good time to visit with your ag accountant about the effect of losing the "Like Kind Exchange." In the past you probably did not give it much thought. Call the local dealership, buy the new tractor you had your eye on, trade in your old tractor, and tell the accountant what you did. The 2017 Tax Cuts and Jobs Act has changed that process just a bit.
Farm Business: Taxes - Who is a ‘Related’ Person? Why It Matters
Most farmers and ranchers have extended family members who are also in the business and from time to time they likely do business with each other. What many might not realize is that doing business with a relative or “related person” actually has tax implications. Leases and equipment sales, for example, are treated differently if they are between related parties. So, who exactly does the IRS claim is a related person? First and foremost the easiest part of the definition is family.
How good accounting practices aid decision making
It was 2011. I was hired as an accountant to review a farm operation and its various operations: corn, soybeans, dairy, beef, hogs and chickens. Corn and soybean prices were setting record highs every day it seemed. The livestock markets also were doing well. For the given economic climate the farm operation review should have been relatively straightforward. Unfortunately, I found that not to be the case.As I started in, I began noticing something odd.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Austin
Contact Austin, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack