Closed on Fridays between Memorial Day and Labor Day
Farm and Ranch CPA Weld County
If you’re like many in the farming and ranching community, you’re seeing higher input, transportation, and implementation costs. But that should be countered by an expected median income increase this year. If this environment is overwhelming, it may be time to do a Google search for “Farm and Ranch CPA Weld County” to start making all the numbers make sense. Call Rodahl & Co., today to get started: 970-207-0747.
When it is time to find a Farm and Ranch CPA Weld County people consult
The USDA’s Economic Research Service has predicted that median farm income will rise this year after having a flat 2021. In fact, the service predicted a 5.9% increase (or 2.2% after inflation). The increase, however, will be income from interest, investments, pension and retirement accounts, unemployment compensation and other public transfers. See how farm income compares to the U.S. median income here. While you see those increases, you may see actual prices drop.
But in Weld County, you are at the top of the heap in Colorado – and one of the top counties in the country in agricultural production. The last Census of Agriculture shows that Weld County continues to lead the state, with 27.3 percent of the state’s agricultural sales. If you are taking over the family farm, or starting out, you’re in good company in Weld County. There is a lot of experience in the fields to help steer you right on the growing and farm management side. But what about the financial side?
Agriculture and financial risks go hand in hand in farm management
The risks in the agriculture industry are many – especially as new policies regarding pesticides and human capital, inflation, immigration policies, transportation, and overall global markets affect your bottom line. As of November 2021, Chapter 12 bankruptcy rates – a farmer’s last option to reorganize debts — were above 10-year averages in most states. The USDA reports this statistic represents a downturn in the industry in which farmers may “draw down on their working capital, postpone capital investments, reduce their input expenses, or seek off-farm employment.”
Rodahl & Co. can help with farm and ranch management strategies if times get tough
Such high rates are understandable when you think of the many issues involved in keeping a farm afloat. But there are several strategies to manage the risk, according to the US. Department of Agriculture:
Crop yield and revenue insurance
If these terms seem a bit overwhelming, it is time to get up to speed. At Rodahl & Co., we can make sense of it all, from cash flow management to depreciation and tax benefits for farmers. Our experienced CPA team has an extensive understanding of crop insurance planning, production deductions, equipment acquisition, IRS issues, and much more.
Here is what one happy customer had to say in our Google reviews:
"We've been working with Dean & his team (shoutouts to Tony & Julie) for the past 7 years. Anytime I have a question, they're there with an answer and if I'm not understanding they break down the jargon into something I can understand. No question feels stupid & every question or concern is always addressed with concern & compassion.” - Anastacia
Rodahl and Co. has been serving the public for 22 years, providing bookkeeping, accounting, payroll management, and tax preparation to clients throughout Northern Colorado. Our Greeley office is conveniently located near Bittersweet Park in the heart of Weld County.