Preparing For 2024: Recommendations For Your Household, Farm & Business
Farm Management Resources
Financial Literacy
Is it just me, or does time move a lot faster these days? I just blinked, and 2024 is almost here. 这意味着是时候听听怀特医生对你应该如何开始为新年做准备的想法了. Before I get to my recommended actions, let’s look ahead and see what 2024 might have in store for us.
我最近参加了几次会议,讨论未来12个月的经济前景. Needless to say, it’s a murky picture – unrest in Gaza, war in Ukraine, election season in the US, 时断时续的新冠疫情让经济模型陷入混乱. 我不是一个拥有花哨模型的市场经济学家——因此,以下是我对最新美国经济指标的Jethro bodine级别的宏观经济解读:
Boiling down this information, 我预计未来9-12个月美国整体经济将出现下滑,对家庭和一般企业都是如此. 不过,我相对看好未来一年左右的农产品价格. That said, here are my recommendations to help you prepare for 2024:
Recommendations For Your Household:
- 建立你的流动性,以便在经济下滑时有更多的缓冲. 通过削减家庭开支来充实你的储蓄账户和/或偿还高息消费债务.
- Tighten up your household spending budget. 通货膨胀可能是粘性的——价格可能会缓慢下降,如果下降的话. 更高的利率和更高的石油/能源价格可能会导致杂货店和加油站的食品价格上涨. Look for ways to reduce your discretionary expenses.
- 更新您的遗产规划文件,以反映法规或您生活方式的任何变化. Revise your wills, powers of attorney, advance medical directives, and other documents due to changes in your family & financial condition. 约你的律师和遗产规划团队见面.
- 更新你的保险政策和退休账户的受益人,以反映你生活中的变化. 与你的保险代理人和金融专业人士安排一次会议.
- 检查和修改你的退休投资(个人退休账户,401(k)等)的多样化.). 在经济不稳定时期,多元化的投资组合可以降低风险.
- 如果经济停滞不前,继续每月或每季度定期进行退休投资. 平均成本是一种投资策略,可以帮助你降低投资的平均成本. 经济下行实际上是投资的好时机——你可以投资“打折”的股票。, so your regular monthly investment will purchase more shares!
Recommendations For Your Farm & Business:
- 与你的会计和财务顾问谈谈对联邦公司所得税增加的可能反应. 2024年的预算建议将公司税率从21%提高到28%. 你是否应该考虑成为一个“直通”实体来降低你的有效所得税税率? 与合格的税务专家一起制定你的长期税务计划.
- Give your operation a “Financial Wellness Exam”. Determine your current status and identify possible areas of concern. Work with your lender and accountant to analyze the liquidity, solvency, repayment ability, profitability, and financial efficiency of your operation.
- This will help you make those year-end decisions about tax moves. 也许你最好用你的利润来建立你的流动性或偿还你的贷款,而不是为了减少你的税收而购买你不需要的资产. Remember, 你需要花大约5美元来节省1美元的所得税——如果你不小心的话,这会严重损害你的现金流. Knee-jerk tax moves can hamstring your operation.
- Review and revise your written business plan for the upcoming year. Have your business goals changed? 你们的操作是否有重大变化需要更新? A business plan is your guidebook to the business’ future. Remember, it’s not a once-and-done activity. 你的商业计划需要随着业务的变化而发展和改变. If you do not have a written business plan, 考虑参加农业信贷知识中心的农业商业规划师项目,为你的农场制定计划.
- 在年底前安排时间讨论一下你们公司的过渡计划. 回顾和修改你现有的过渡计划,以解释生活中的重大事件或目标的变化. 花点时间来计划你的业务过渡,这样你就不会把你的家人, business partners, and employees behind the eight ball should something happen to you. 如果你还没有准备好,拿一份农场信贷大学的《十博官网手机版官网下载》来开始这个过程!
- 如果不提退休计划,那就不是博士·怀特的博客了. 和你的财务团队谈谈建立简易个人退休账户的潜在好处, SEP-IRA, or a Solo 401(k)-type plan for your operation. 这是一种招募/留住优秀员工和保护你的净资产的方法, as well as a way to get great tax benefits! 你的贡献是免税的业务和资金增长的税收递延,只要他们在IRA. You can reduce your income taxes by writing a check to yourself.
- 和你的财务团队谈谈租赁某些资产的可能性,而不是购买它们. 考虑对你的现金流、管理灵活性和所得税的影响. For some assets, leasing be a better long-term option for your farm.
- Finally, schedule a business meeting before year-end. 我发现农场/企业主太忙了,以至于他们没有时间为未来的经营计划. Schedule time for planning, 否则,它会在飞行中发生——这可能不符合你的最佳利益. 把你需要考虑的关键计划问题放在一起. 邀请一些能帮助你改善某些方面管理的人. Keep written minutes of your meeting, especially if you are an LLC, S-corporation, 或者C-corporation——这也可能有助于在诉讼中保护你的有限责任.
Author:
![Headshot of Dr. Alex White](/sites/default/files/Knowledge%20Center%20Assets/Events/Dr.%20Alex%20White.jpg)
Dr. Alex White
Virginia Tech, Dairy Science at the School of Animal Sciences