Listen to Annual Tax Planning with Jordan Steele on: Apple Podcasts | Spotify | Your platform of choice
In today’s episode, host John Haskell is joined by Jordan Steele to discuss the importance of annual tax planning for those in the farming and ranching industry. Jordan shares the importance of maintaining accurate records throughout the year and potential tax liabilities that come with running a profitable business. Jordan also offers valuable insight into various factors that should be considered in tax planning, including what has already occurred in terms of income and expenses, what is projected for the remainder of the year, and potential strategies to manage tax obligations.
Jordan Steele grew up on a cow-calf operation near Aladdin, WY before completing his Master’s Degree in Agricultural Economics at the University of Wyoming. After college, Jordan worked for the Kansas Farm Management Association through Kansas State University for 7 ½ years where he specialized in agricultural business recordkeeping, financial analysis and interpretation, and income tax preparation for farmers and ranchers in 17 counties of NW Kansas. Jordan is now working for RMC based in Wheatland, WY teaching Ranching for Profit Schools and facilitating the Executive Link program.
Jordan and his wife Jori welcomed their first child in August 2022 and are excited to be back in the Cowboy State of Wyoming. Both have a heart for lifelong learning and continue to improve on their own ranch management skills. In their free time, Jordan and Jori enjoy team roping, hunting, and anything else horseback.
In this episode, Annual Tax Planning with Jordan Steele, we cover:
Using the remainder of the year to prepare and plan for taxes
Strategies for managing tax liabilities
An overview of capital purchases, depreciation, and tax strategies
Why you should fill the bottom tax brackets every year
Resources & Links:
Connect with Ranch Right, LLC:
Subscribe on YouTube
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Check out the website
Connect with Jordan:
Email him at jordan@ranchingforprofit.com
Related Episodes:
Episode 3: Cow Depreciation and Cow Longevity with Wally Olson
Episode 10: Building Working Capital with Walter Lynn
More about the Ranchonomics podcast:
Welcome to Ranchonomics, where we empower you to build a better ranch and transform your operation into a thriving business. This podcast is brought to you by Ranch Right LLC, and together we will look at essential strategies, mindsets, and processes needed to take command of your financials and master the business metrics that make all the difference. If you are ready to start winning at ranching, then you are in the right spot.
With each episode of Ranchonomics, you will hear inspiring success stories, gain simple yet powerful financial literacy tips, and listen to insightful interviews with industry experts and real-life practitioners.
Whether you are a seasoned rancher or just starting out, we believe that managing a ranch shouldn't mean drowning in paperwork or missing out on valuable opportunities. Our mission is to help you see the link between your daily ranching operations and your financials that allow you to go from chaos to clarity and achieve your goals.
Join us as we explore the intersection of ranching and finance, helping you understand your numbers and make informed decisions that propel your business forward.
Subscribe now and start your path to a more profitable, less stressful ranching experience with Ranchonomics. It's time to harness the full potential of your operation.
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