While many farmers and ranchers leave tax strategies on the back burner until winter, true tax savings can happen during the summer growing months. In our latest Grow Together Webinar, Jessica Lehmen, CPA and Tax Partner at Williams-Keepers LLC, shared actionable mid-year steps to eliminate year-end surprises and protect your bottom line.
Rather than trying to predict a future harvest, successful tax planning relies on organizing what your operation already knows today.
Watch the Full Webinar Recording
Click Here to Download the Presentation Slides
Key Takeaways From Jessica’s Session
- Build Your Baseline: Focus on fixed figures you know right now, including current debt obligations, major lease payments, required reasonable compensation, and existing depreciation schedules provided by your CPA.
- The Summer Equipment Rule: Remember that out-of-pocket cash paid does not equal your new tax basis. Keep meticulous records of both the total purchase price and the trade-in allowance for any equipment changes.
- Track Revenue & Input Timing: Monitor grain currently held in storage, classify livestock sales properly (ordinary weight vs. 1231 capital gains), and audit prepaid inputs so you don't accidentally double count them at year-end.
- Utilize Rainy Days: Use summer weather delays to update QuickBooks or accounting software. Keeping up with bookkeeping now ensures your year-end meetings focus on strategic choices rather than paper shuffling.
Summer Pro-Tip: Collect W-9s Early
While the federal 1099 reporting threshold recently increased to $2,000, compliance is much smoother if you collect a completed W-9 from independent contractors or seasonal labor before issuing their first check.
Save the Date: Our Next Webinar on September 2!
Ready to transition from short-term tax savings to protecting your long-term multi-generational legacy? Join us for our next installment on Wednesday, September 2, 2026, at 12:30 p.m.
We will be joined by Wesley Tucker from the University of Missouri Extension for an essential masterclass: "The Farm Legacy Roadmap: Navigating Your Estate and Succession Plan." Wesley will break down the critical difference between transferring your physical assets versus your daily operational management keys, helping you move the future of your operation safely out of "a plan in your head" and into an executed reality.
