The agriculture industry faces its own unique set of challenges. To get ahead as agribusiness owners, you need advisors with specific knowledge of the industry and experience providing hands on support.
JPS serves many clients in the agriculture industry, including Christmas tree growers, agricultural producers and livestock farmers. Our advisors provide advanced tax, audit and accounting services to help you understand your profitability model, make the most efficient use of current tax laws, follow reporting procedures to ensure continued subsidies and remain competitive on a local and national level.
We help our agriculture clients with key issues affecting their current and future success such as:
- Accounting method – your accounting method determines how you recognize revenue, expenses and income. Selecting the right method between cash basis, cash + fair market value, and accrual accounting will ensure that you make your decisions based on the best information.
- Legacy planning – the continuity of your farm from one generation to the next is by no means a sure thing. Estate taxes, ownership transfer and your own retirement should all be considered when creating your succession plan.
- Tax reduction strategies – as an agriculture business, your income can fluctuate significantly from year to year. Federal law allows some farms to utilize income averaging to shift income from highly profitable years to prior years, minimizing tax liability.
- Sustainability – the long-term success of your farm will require you to understand and react to current and future market trends. Recent consumer shifts toward organic and locally grown products have provided farms with an opportunity.
Find out how JPS can be a strategic advantage for your business.