Illinois: Characteristics of Higher Profit Farms in 2017

🕔May 21, 2018This article uses 2017 data from Illinois Farm Business Farm Management to highlight selected differences between the highest profit grain farms (high one-third) and lower profitability grain farms (low one-third). […]

Illinois Corn, Soybeans: Costs of Production in 2017

🕔Apr 23, 2018In 2017, the total of all economic costs per acre for growing corn in Illinois averaged $876 in the northern section, $868 in the central section for farmland with “high” […]

Illinois: Farm Family Expenses Budgeted on a Per Acre Basis

🕔Mar 19, 2018Family living expenses are not a tax-deductible expense of the farm business, but they must be budgeted for to sustain the living expense of the farm operator and their family. […]

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 […]

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 […]

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 […]

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. […]

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. […]

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 […]

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