Kentucky is known for its farming, tobacco and racehorse industry. As CPAs and consultants, we know what makes the financial aspects of the agriculture industry thrive and grow. It’s a specialized area that calls for expertise and understanding, and at Mitchell & Associates, we’ve got both.
With constant challenges facing the farming and livestock industry, including an ever-changing economic climate, Mitchell and Associates is here to help the farmers of Western Kentucky and the surrounding Tri-state area sow and reap the harvest, keep most of that harvest, and plan for the future and succession. Our team has served as a trusted advisor to farmers seeking expert advice on issues ranging from entity structure and acquisition, to growth and expansion, to retirement and succession planning, all while seeking tax minimization along the way.
Farm accounting and taxation provides unique challenges compared to other businesses – increasing costs of production and equipment, volatile commodities markets, governmental subsidy programs, contract agreements with landlords, and new agricultural technology. To handle all these pressures and know the best direction you should take, good financial management and record keeping are invaluable tools that should be used throughout the entire year and not just at tax time.
You are devoted to farming, and after spending long hours working hard all day the record keeping and finances may fall to the wayside. However, to maintain a successful farm, these functions are vital. Let the Mitchell & Associates team be your hired hand for accounting.