Farming and Agriculture Accounting Services
When your office is measured in acres, you have a different view of the world.
When your workspace rolls across fields and pastures, you tend to approach life differently.
When your means of providing for your family is based on getting the most out of every harvest or herd, you don’t have time to mess with a lot of financial paperwork.
But if you don’t stay on top of your numbers, your operation can easily suffer. With margins as slim as they already are, you can’t afford to have a bad year because you failed to budget well, manage your cash flow, or take care of your taxes.
CRS CPA knows how vital farming and agriculture businesses are to our communities. We are based in West Tennessee where farming rules the roost. According to the USDA, Tennessee is blessed with over 77,000 farms covering 10.8 million acres (41% of our state). Thanks to farming businesses like yours, we rank 8th in the nation in number of farms.
Whether you’re raising cattle, soybeans, cotton, or corn, our team has done agriculture accounting for operations just like yours at some point in our 40+ years. We can help with:
Farm Tax Preparation
Bookkeeping
Charting of Accounts
Budgeting & Cash Flow Management
Financial statement preparation
Farm Income Averaging
Capital Tax Planning
Succession Planning
Learning Center Resources for Farm & Ag Businesses
The Role of Family in Farm Succession Planning: Navigating Dynamics for a Smooth Transition
Anyone who has ever participated in a relay race (or even watched one) knows the race is won or lost based on how well the runners hand off the baton. That’s why relay teams practice those few seconds over and over to make sure the baton isn’t dropped and no one...
What Is The Greenbelt Tax Exemption in Tennessee? (Money Saving Info From Local Tax Pros)
Most of us know someone who has been involved in martial arts even if it is just a relative or the kid of a neighbor or coworker. Those who put in enough time and effort are rewarded by advancing through a system of “belts”, ranked by different colors. Everyone...
Can You Deduct Farm Expenses Without Income? (What You Need To Know When The Crops Don’t Come In)
We all know that you pay taxes on the money you make during the year. We also know that one of the nice things about our current tax code is that business owners are able to deduct expenses from those taxes in order to reduce their overall tax bill. Farms are...
Frequently Asked Questions for Farm and Ag Accounting
What qualifies land as agricultural for tax purposes?
Land must be actively used for farming activities such as growing crops or raising livestock and must meet state-specific criteria to qualify for agricultural tax benefits.
What are common accounting mistakes to avoid in farm bookkeeping?
Common mistakes include not keeping detailed records, mixing personal and business expenses, and not taking advantage of all available tax deductions.
How can I ensure I’m taking advantage of all available tax breaks?
Working with a CPA knowledgeable in agricultural tax laws can help ensure you are taking full advantage of all available tax breaks and deductions (hint: that’s us! Schedule a call with us to find out how we can help).
What are some signs that my farm is a business and not a hobby?
Indicators include operating the farm in a businesslike manner, maintaining accurate records, and having a profit motive.
What are the key components of effective farm bookkeeping?
Effective farm bookkeeping includes tracking all income and expenses, maintaining accurate records, and regularly reviewing financial statements to monitor the farm’s financial health.
