Northland Community and Technical College Farm Business Management Advisor Betsy Jensen says the high interest rates could throw a curveball if farmers are caught unaware. “Our interest rates are unique this year in that it’s up at least four percent so if you have to borrow money for your pre-pays, you should probably do a little math to see what the true cost of it is.” Jensen says farmers should also take into stock their income and expense statement with the extra government payments distributed this year. “Quite a few government payments were unexpected. There is definitely a need for tax planning this year.”
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