3 Financial Priorities for Farmers in February

Mikaela Tierney

Feb 01, 2023

With so many tasks requiring your constant attention as a farmer running a demanding business, it’s easy to put operational to-dos on the back-burner… but these tasks can often be some of the most important and time-sensitive. 

Here are a few financial priorities to keep top of mind this month: 

1. Finish Your Taxes

If you didn’t submit your taxes by the initial January 17, 2023 deadline, you have until March 1, 2023 to get your paperwork finalized and submitted. 

If you earn your income from a farming business, you may be able to avoid making any estimated tax payments by filing and paying your entire tax due on or before March 1, according to the IRS.

This rule generally applies if farming income was at least two-thirds of your total gross income in either the current or the preceding tax year. Those who choose not to file by March 1 should have made an estimated tax payment by January 15 in order to avoid an estimated tax penalty, the IRS also explains.

For more detailed tax information, visit the IRS website or USDA website

[READ: 7 Ways to Potentially Reduce Tax Liability for Your Ag Operation]

2. Select Your MPCI Coverage Before the Deadline

Multi Peril Crop Insurance (MPCI) coverage is available for more than 100 different crops (though not all crops are covered in every region) to protect farmers against crop losses due to natural events.

Key insurance dates vary by crop and region of the United States. The important deadlines are:

  • Sales Closing Date (SCD)

  • Acreage Reporting Date (ARD)

  • Premium Billing Date

For crops planted in the spring (including corn, soybeans, cotton, grain sorghum, rice, spring wheat and spring barley), the SCD is generally March 15 with an ARD of July 15.

If you haven't gotten a second opinion on your crop insurance coverage in the last few years, now is the time to see how a personalized approach to insurance could make a difference in your operation. To ensure you meet the appropriate deadlines for the crop you are growing for your specific state and county, contact an FBN® insurance agent.

[READ: When Are Multi Peril Crop Insurance (MPCI) Deadlines?]

3. Complete Your Input Purchases 

While it can be tempting to put off buying inputs until later, you can support your bottom line and put yourself in a good position to manage pressures in your fields this season by purchasing crop protection products this winter. Sitting down now to consider your needs — and build your strategy to address them — can help inform your ag chemical purchase decisions and eliminate waste this season. 

Think about the overall effectiveness of your weed, insect and disease control strategies last year. Will you use some of the same chemistries this year? If you have a clear picture of your management strategy for the upcoming season, don’t miss out on pricing discounts available now.

Get it done and get ahead on your crop plan for the upcoming season with FBN Direct®. Right now, AgSaver™ Glyphosate 53.8%, Willowood Glufosinate 280SL, Willowood Glypho 6 and other key ag chem products are available at special prices for a limited time only*. 

Plus, you can also finance your crop inputs and livestock products with the 2023 Crop Input Financing Program from FBN Finance. Now through August 31, 2023, you may be able to get a 6.5% interest rate on qualifying financed purchases of seed, crop protection, adjuvants, crop nutrition, livestock feed and animal health products.

If you’re new to FBN or have not recently ordered from FBN Direct, take advantage of the New Customer Financing Program. You could get 0% financing for 30 days from the date of your first qualifying purchase, plus the ability to lock in 0% interest through August 31, 2023 by spending a minimum $20,000 on all product categories or $5,000 on livestock products within 30 days of your first purchase. (Terms and conditions apply; see program information for details.) 

[VIEW: The FBN 2023 Crop Protection Guide]

Copyright © 2014 - 2023 Farmer's Business Network, Inc. All rights Reserved. The sprout logo, “Farmers Business Network”, “FBN”, “FBN Direct”  are trademarks, registered trademarks or service marks of Farmer's Business Network, Inc.

*Terms and conditions apply. Price subject to change.

We are an Equal Opportunity Provider. FBN Insurance services are offered by FBN Insurance LLC (dba FBN Insurance Solutions Services LLC in Texas, and FBN Insurance Solutions LLC in California and Michigan). FBN membership is not required to purchase through FBN Insurance LLC, but certain features may only be available to FBN members. FBN Crop Insurance is currently offered in all U.S. states.

Terms and conditions apply. FBN Finance, LLC commercial operating lines of credit are offered by FBN Finance, LLC and are available only where FBN Finance, LLC is licensed. Equipment financing provided by Ritchie Bros. Financial Services, Ltd. and TCF National Bank. Land financing provided in connection with Farmer Mac. Input financing provided in connection with our financing partners. To qualify for a financing offer, a borrower must be a member of Farmer’s Business Network, Inc. and meet the underwriting requirements of FBN Finance, LLC and its lending partners. All credit is subject to approval and underwriting. Interest rates and fees will vary depending on your individual situation. Not all applicants will qualify.

FBN Direct products and services and other products distributed by FBN Direct are offered by FBN Inputs, LLC and are available only in states where FBN Inputs, LLC is licensed and where those products are registered for sale or use, if applicable. If applicable, please check with your local extension service to ensure registration status. Nothing contained on this page, including the prices listed should be construed as an offer for sale, or a sale of products. All products and prices are subject to change at any time and without notice. Terms and conditions apply.

ALWAYS READ AND FOLLOW LABEL DIRECTIONS. It is a violation of federal and state law to use any pesticide product other than in accordance with its label. The distribution, sale and use of an unregistered pesticide is a violation of federal and/or state law and is strictly prohibited. We do not guarantee the accuracy of any information provided on this page or which is provided by us in any form. It is your responsibility to confirm prior to purchase and use that a product is labeled for your specific purposes, including, but not limited to, your target crop or pest and its compatibility with other products in a tank mix and that the usage of a product is otherwise consistent with federal, state and local laws. We reserve the right to restrict sales on a geographic basis in our sole discretion. You must have a valid applicator license to use restricted use pesticides. Please consult your state department of agriculture for complete rules and regulations on the use of restricted use pesticides, as some products require specific record-keeping requirements.

Mikaela Tierney

Feb 01, 2023

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