Prepaying expenses is one of the most common tax management practices that we see­–it is also an area that is scrutinized by the IRS during audits. Thus, what follows is a review of the rules regarding prepaid expenses.There are three conditions that must be met in order for a cash basis taxpayer to claim a deduction in the year the prepayment is made...

As we approach the end of another year, we thought it would be a good time to talk about some year-end tax planning strategies. Of course, having up-to-date records is essential for the tax planning process. If you discover that you might end up with a large tax liability, there are a few things you can do before the year is over...

Dairy producers have always carefully managed costs. However, as price takers, most dairy producers have had limited options managing price risk. The new Dairy Revenue Protection (DRP) program gives producers the ability to change that...




Siblings farming together can make for many different, interesting, and somewhat challenging dynamics, especially if one of them is a brother. Here are some of the most common issues that can arise with farming brothers and how founding farmers and siblings can handle them...
 

There were several insights about what made millennials tick, so I extrapolated what millennial farmers might want to see happen for them. I also had the privilege of meeting an energetic group of the Alberta Young Farmers’, people who are young, and positive about their future in agriculture. Here are ten things I learned that millennial farmers want...

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