Record Farm Income in 2022 - Now What?

American farms recorded record net farm income in 2022 — up 14% year over year to $160 billion. What does this mean as you roll into the 2023 season? What adjustments should you be making to remain profitable without being profligate in your spending in the new year? Farmers often look to spend money to expense themselves out of a tax bill but is that a good idea? Will 2023 bring another record and if so, what management decisions should you be making now? Crop inputs and machinery expenses have — in many cases — outpaced the percentage gains in farm income. With that backdrop, as well as plenty of volatility, Kelly Garrett and his farm accountant Ben Hansen offer guidance on farm financials to prosper when the market is up (or down!). Presented by Advanced Drainage Systems with support from Agricen.