Farm Business Management Blogs

-This article is intended for educational purposes only and does not constitute tax advice.Recent attention has been given to farmland and ranchland buyers using Section 180 of the IRS code to depreciate excess fertility on newly purchased or inherited farms and ranches. This deduction can...

The Chicago Federal Reserve Bank reported on the current economic conditions and trends in the northern two-thirds of Illinois and Indiana, southern Wisconsin, and all of Iowa and Michigan. This report includes comments on credit conditions, cash rents, and land values.Land ValuesIn the first...

Farm drones can be valuable in helping farmers keep an eye on their crops through the growing season. The farmer can carry out tasks efficiently and effectively with proper preparation. Here are some of the basic checks needed to make to ensure a safe and effective flight.Before Going to...

As another large dust storm impacted Illinois in May, the conversation and questions continue about why and how to get the dust to settle and stay in the field rather than across roadways. Although it is not a new environmental event, the dangers are always present, and questions arise....

Understanding Illinois property tax calculations is complex and confusing. Properties such as personal residences are taxed based on fair market value. The State of Illinois assesses farmland based on the agricultural use value rather than the farm market value. Based on farm income...

Farmland values began to soften in late 2024. With decreasing farm profits in 2023 and 2024, farmland values held firm until the last quarter of 2024. This was the consensus of professional farm managers at the 2025 Illinois Farmland Values and Lease Trends Conference held in March, which The...

Cash Farm Rents in Illinois held steady to slightly downward in 2025 compared to 2024. At the recent Illinois Land Values Conference, farm managers from across the state released the statistics analyzed by the Illinois Society of Professional Farm Managers and Rural Appraisers (...

This is article two from a two-part series.Dust storms have become an increasing concern in Illinois, prompting investigations into their causes and potential solutions. These weather events have resulted in fatalities, including a 2023 traffic accident that took the lives of eight people on a...

This is article one from a two-part series.Recent dust storms in Illinois have raised the question of the cause of these events. In the last few years, these dust events have caused fatal accidents among traveling motorists. Another public concern is the drop in air quality during these storms.Some...

Keeping good financial records is vital for the farm's long-term success. Farm records can get neglected by most farmers who prefer to be out on the property instead of in the office. The following tips, if implemented, can make the farm operation more efficient and stronger and prepare the farm...