As farmers and ranchers prepare for their annual meeting with the lender, farm management analyst Kent Thiesse says they should have a detailed balance sheet. “It’s good to have an updated listing of farm machinery and buildings. The other big thing is to have a good income and expense summary for the year.” In addition to tax management, Thiesse said it is important to discuss the year-end financial information with everyone who is involved in the management or investment level of the operation.
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