Record-Keeping for Taxes
It’s that time of year again. Time when we need to start preparing for taxes. Most people probably know that farmers and ranchers’ last day to file taxes is March 1, so it’s important to make sure we have everything together.
For example, if you paid an individual a total of $600 or more for rent, services or interest as part of your agricultural business, you may be required to report the payments with Form 1099 (starting 2026 this number will increase to $2,000). So now is a good time to start going through everything and making sure it is in order and noting receipts that are tax deductible like fertilizer, seed and fuel to name a few.
Throughout the year, producers receive money, property and services from many places. Your records can help you identify the source of receipts, and this information is important to help separate farm and non-farm receipts and taxable from non-taxable incomes. For example, buying fuel for a vehicle that is used to check pasture is tax deductible, as well as things like fencing materials, net wrap, and repairs to equipment, to name a few.
Preparing now can help speed up the tax preparation process. All this information is used to help prepare tax returns and, just as important, can help producers monitor the progress of the operation. Records can show if the business is improving and can help us identify potential changes to make.
For additional information on record-keeping and taxes, you can visit UNL Center for Agricultural Profitability or the IRS publication 225, “Farmer’s Tax Guide” (2024).
Cornstalk Quality After Weathering
Fall rain and snow are good for wheat and next year’s crops, but it does have its drawbacks. One challenge is its impact on cornstalk feed quality.
While some parts of Nebraska have been dry this fall, other areas of the state have received some rain and consistent snow over the past several weeks. Rain reduces cornstalk quality several ways. Most easily noticed is how fast stalks can get soiled or trampled into the ground if the fields become muddy.
Less noticeable are nutritional changes. Rain or melting snow soaks into dry cornstalk residue and leaches out some of the soluble nutrients. Most serious is the loss of sugars and other energy-dense nutrients, which lowers the TDN or energy value of the stalks. These same nutrients also disappear if stalks begin to mold or rot in the field. Then palatability and intake also decline.
Another factor that affects cornstalk grazing is wind. Throughout the fall, there always seems to be those days where excessively high winds will easily blow corn leaves and husks off the field. This, of course, can impact the amount of feed, and after grain, those leaves and husks contain the highest nutritional quality.
There is little you can do to prevent these losses. What you can do is closely monitor cow and field conditions while adjusting your supplementation program accordingly. Since weathering by rain reduces TDN more than it reduces protein, consider the energy value of your supplements as well as its protein content.
Weathered cornstalks still are economical feeds. Just supplement them accordingly.
