Tax and Financial Management 201

Chris visits with Mike Finley thecrazymaninthepinkwig.com and Paul Neiffer “The Farm CPA.”  This is a must listen podcast for everyone involved in farm business management. Farm transition from one generation to the next and the importance of managing your taxes and financial investments are critical to the success of your business!  Mike and Paul go on to discuss many of the tax advantages to structuring various types of investment strategies for your business. Tools such as 401(k), Traditional IRA, Roth, Brokerage Accounts, SEP, Simple Plans, and the best of all, HSA (Health Savings Account). Attracting and maintaining good quality labor is an issue for many farm operations; they discuss some strategies and plans for retaining quality employees that are also beneficial to you as the employer. Managing your liquidity, working capital, and balancing it with financial opportunity is another important part of this discussion. Finally, they discuss numerous other considerations in retirement planning that can benefit you both financial and personally.  Take a listen, and maximize your tax savings and financial opportunities.