All Posts from 2020

We’re excited to introduce ILSoyAdvisor readers to Precision Conservation Management (PCM).

PCM is a farmer service program in Illinois and Kentucky that helps farmers scale use of conservation practices like reduced tillage, nutrient management and cover crops in a way that focuses on impact to farm income. PCM was launched by the IL Corn Growers Association in 2015 and has grown rapidly, now serving around 350 farmers and...

Farming in the modern era is a skill that must balance biology and agronomy with cost and markets. Thus, it’s important to understand what the top influencing factors are for raising high-yielding soybeans. Once you know the factors, you can balance them with the current market. Like any budget, it’s important to separate cost into fixed and variable.
 
Fixed costs:
  • Seed, crop...
2021 could bring a lot of discussion about increasing the number of soybean acres because of profitability factors, logistics, etc. This change in crop rotation could allow for a large percentage of soybeans being no-tilled across Illinois. No-till has several great value points. However, if you don’t do your homework, this practice could result in added challenges and the potential that you don’t no-till soybeans again. Below are three...
A 1099 form is a tax form that states various types of income other than salaries, tips and wages. Producers may send and receive these forms for income items such as rent, custom work, dividends, interest, patronage, government payments and several others. It is important to understand the different 1099 forms as they are a necessary component of tax planning and preparation. 
 
Common 1099 Forms to Send...
Perhaps farmers have been facing their most challenging decade ever. Water management has been an important issue that is discussed globally. The critical nature of water conservation and drainage can have a lasting effect on the investment that farmers and landowners make. Given the competitive nature of the industry, many service providers are competing on low price. Recognizing the delicate balance between price and equity might be the...
Each year taxpayers have the opportunity to work with their tax preparer to craft a year-end tax plan that provides a desired tax liability. Taxpayers may use current tax legislation to lower or raise taxable income by claiming more or less taxable income during the current tax year. While working through tax planning decisions, taxpayers may wonder “What should my adjusted gross income be?” This article discusses adjusted gross income and...

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