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AGRIBUSINESS

The agricultural accounting and finance experts. 

ELO CPAs & Advisors has been helping farmers and agribusiness owners protect, maintain and grow their operations for over 30 years. We understand the challenges and opportunities this unique industry faces and how to successfully weather the ever-changing economic climate.

From complex tax issues and financial planning to succession planning and stock distribution, ELO is ready to help you get the most out of every acre and every financial opportunity. 

 

Call us today to speak to ELO’s team of agribusiness experts.

We work with a variety of agribusiness operations including:

  • Large family farms (Grain, Cattle, & Hogs)

  • Small family farms (Grain, Cattle, & Hogs)

  • Feedlots

  • Cooperatives

  • Seed Sales

  • Ag Equipment Sales

  • Other Ag-related Businesses

Our Services:
Strategy & Management
  • Annual Strategic planning

  • Estate planning

  • Succession planning and exit alternatives

  • Business valuations

Tax Planning & Preparation
  • Tax preparation for owners

  • Business tax preparation

  • Tax strategy, planning and research

  • Entity structure analysis

  • Tax credits and incentives

  • Cost segregation studies and related services

  • State sales and use tax

Compliance & Assurances
  • Financial statement services – audits, reviews, compilations

  • Multi-state tax compliance

  • Agreed upon procedures

Client Accounting Services & Other Outsourced Services
  • Outsourced accounting and bookkeeping

  • Payroll

  • Accounting consulting and support for QuickBooks

  • Accounting software recommendations

Frequently Asked Questions

Am I a Qualified Farmer?


We believe that anyone can be a farmer/rancher, however the Internal Revenue Service defines a qualified farmer/rancher as “An individual is a qualified farmer for 20X2 if at least two-thirds of his or her gross income from all sources for 20X1 or 20X2 was from farming.”




What method of accounting should my farm operation use?


99% of taxpayers use the cash method of accounting for tax reporting. To get a true picture of how your operation is doing you should also be reviewing your operation on accrual basis?




Do I have to make estimated tax payments?


Qualified Farmers have 3 options: (1) they can make estimated tax payments and file by April 15th (2) they can pay 100% of the prior year tax by January 15th and file and pay the difference on April 15th, (3) they can file and pay in full by March 1st.




Can I defer any government disaster payments?


No.




Can I defer my Crop Insurance?


Yes, if the following conditions are met. (1) You are qualified farmer on the cash basis, (2) it is your normal practice to sell your crop in the following year.




Can I defer a portion of my Crop Insurance?


Crop insurance deferral is an all or none deferral.




Can I write off the purchase of land?


Land is not a depreciable asset, you can however depreciate wells, fences and stock dams.





Contact Aaron

for more information

As a Tax Manager, Aaron Moller specializes in agri-business taxation including both individual and entity tax returns.  He strives to make sure that ELO clients are making responsible decisions with their operations.  His responsibilities include preparing all types of tax returns while using all the tools and team members that ELO has in order to provide excellent client service.

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