While 2020 was a challenging year in many ways, farm incomes were relatively strong in parts of the Midwest. These income levels often give rise to a search for a tax deferred retirement plan. There are several options available, however, the retirement plan space can be very complex. The following is a synopsis of some of the more common retirement plan options followed by a table that outlines the characteristics of each type of plan. Individual Retirement Account - IRA IRAs are the least complex and most versatile. The deduction is limited to the lesser of wages plus net [...]
The Illinois Soybean Association (ISA) checkoff and membership programs represent more than 43,000 soybean farmers in Illinois. The checkoff funds market development, soybean production and government relations efforts, while the membership program, Illinois Soybean Growers (ISG) and the Illinois Soybean Growers PAC actively advocates for positive and impactful legislation for farmers at local, state and national levels. ISA upholds the interests of Illinois soybean farmers through promotion, advocacy, research and education with the vision of becoming a trusted partner of Illinois soybean farmers to ensure their profitability now and for future generations.