Illinois: Why Should Farmers Know About the Illinois Schedule SA Income Allocations?

🕔Feb 19, 2018On July 6, 2017, Illinois Public Act 100-0022 became law. One item in this Act was an Illinois income tax rate increase effective July 1, 2017. The Illinois income tax rate for individuals, trusts, and estates increased from 3.75% to 4.95% while c-corporations Illinois income tax rate increased from 5.25% to 7%. This change means […]

Farm Business: Establish Your Own “Board of Directors”

🕔Jan 23, 2018Successfully managing your farm business is an ongoing process. There are many resources, tasks and processes to manage. Being self-aware of the many things that vie for your time and attention can help you prioritize your list of skills to master and tasks to accomplish. Dare to review all aspects of your farming operation with […]

Illinois Farm Business: Capital Purchases Down? Expect More Tax Liability.

🕔Dec 6, 2017Many Illinois grain farmers have reduced capital purchases in recent years, with prospects for further cuts in 2017 and future years. Overall, reducing capital purchases is a prudent step in times of low grain farm returns. Reducing capital purchases, however, could result in higher than expected 2017 tax liabilities. Many farmers used section 179 expensing […]

Farm Finances: Evaluating Your Capital Debt Repayment Capacity

🕔Nov 20, 2017Many financial measures and ratios assist in evaluating the financial health of a business. Not one of those measures itself can assess the overall financial condition of a farm business. It takes a top down review of many of those measures and ratios to make an overall assessment of a farms financial health. See the […]

Farm Finances: When Creating 2018 Budgets, Keep In Mind Family Living Costs

🕔Oct 23, 2017In 2016, the total noncapital living expenses of 1,333 farm families enrolled in the Illinois Farm Business Farm Management Association (FBFM) average was $76,916–or $6,410 a month for each family. This average was 2.1 percent lower than in 2015. Another $5,344 was used to buy capital items such as the personal share of the family […]

Illinois: Farm Income Trends Vary with Crop or Livestock Choice

🕔Sep 19, 2017Farm incomes can and do very greatly from year to year. As well, farm incomes vary by type of farm. This article will review trends in size, income for a group of Illinois FBFM member farms from 2012 to 2016. This group consists largely of grain farms with some livestock farms present as well. In […]

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