I have family that farms in Iowa and I also worked in the agriculture industry there for a while after leaving the military. One thing that increases the stress on the farmers is the way they avoid income taxes at all costs so they rarely save any of the profits from good years to help them float during the bad years. This is all anecdotal but I have personally talked with several farmers that would rather buy new eq…
Dumb question, as I am neither a farmer nor a businessperson, but is there a way for a farmer to set up, say, an LLC, which holds money from profitable years for use in unprofitable years, from which the farmer takes a steady salary each year?
It has also been my observation that there is a sort of victim mentality that many farmers embrace, they can be legitimate multimillionaires but would rather be seen as poor and bullied by the banks, government and elites.