Monday Extension Report – November 27, 2017

November 27, 2017

Thanksgiving leftovers

I hope everyone had a great Thanksgiving holiday. I want to give you a quick reminder that today is the expiration day for Thanksgiving leftovers unless they’ve been frozen. If you’re in search of leftover inspiration, go to food.unl.edu and search for leftovers. You’ll find creative recipe ideas and helpful tips.

 

End of year tax planning

Now is the time of year when business owners are having conversations with their accountants about strategies for reducing taxes. While you are having those conversations make sure you ask the right questions. Reducing taxes is an admirable goal. No one should pay more taxes than they owe. But the goal of reducing taxes is only a secondary goal in service of the greater goal of maximizing long-term after tax income. Your accountant can also help you with that bigger goal, but only if you ask the right questions and provide them good information.

There’s a lot of used machinery on the market right now that farmers purchased to avoid paying taxes. To quote my sister, who is a farm wife and an accountant. She says the only way she’s been able to figure out how to avoid paying taxes in the long run is to avoid making money, and that’s not really an option for their farm. Probably not for yours either, so be smart about tax planning.

If you would like more information about cost of production, enterprise analysis and effective business decision-making, there is a Unit Cost of Production workshop in North Platte next Monday and Tuesday, December 4-5. Call 308-532-2683 for more information.

 

As always, you can call the extension office at 402-376-1850 for more information.

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