At a glance
South Dakota is renowned for its agriculture industry.
As CPAs and advisors, we know what makes the financial aspects of the farming and ranching industries thrive and grow. It’s a specialized area that calls for expertise and understanding — at KT, we’ve got both.
With constant challenges facing the agricultural and ranching industry, including an ever-changing economic climate, we are here to help the farmers and ranchers sow and reap the harvest and plan for the future. Our Ag accounting team serves as a trusted advisor to farmers and ranchers seeking expert advice on issues ranging from acquisition and expansion, to succession planning, tax minimization, and everything in between.
Agricultural accounting services provide unique challenges compared to other businesses. With the ever-increasing costs of production, volatile commodities markets, and changing agricultural technology, good financial management is an invaluable tool that should be used throughout the entire year and not just at tax time. Running a successful farm requires a balance between effective agricultural practices and proper financial management. Let our Ag accounting team help you.
How We Can Help
Tax Return Prep & Planning
We are involved in all phases from preparing your Schedule F to accurately report farm income and expenses, as well as handling your tax reporting for the sale of land, equipment, and livestock. This service also includes selecting the most tax-efficient entity structure, year-end planning, and providing support and representation during IRS audits.
Tax Liability Minimization
Our strategies for minimizing tax liability include maximizing the effective use of depreciation and determining the most advantageous timing for purchases and prepaid expenses. Additionally, we can explore possible deferral options to manage your taxable income effectively.
Land & Equipment Acquisition
This practice focuses on determining the applicable depreciation methods and class lives for land and equipment. We will also aim to maximize the effective use of accelerated depreciation methods, such as Bonus Depreciation and Section 179.
Succession & Estate Planning
We assist in creating transition plans for farms and ranches to ensure smooth succession. This process also involves developing strategies to minimize estate taxes and preparing estate, trust, and gift tax returns.
Bookkeeping
Our bookkeeping services include summarizing income and expenses to maintain accurate financial records. Additionally, we can perform monthly bank reconciliations and prepare payroll tax forms, W-2s, and 1099s.
Need Our Services?
Whether you’re looking to grow, aiming to keep the business in the family, or tackling complex tax issues, our Ag accounting team is available to assist you every step of the way.
Brady Larsen
Brady specializes in agriculture, but is also experienced in small business and individual tax preparation and planning. He grew up farming and ranching in Colome, SD, and connects very well with the agricultural community. His passion is agriculture, and he gets to be part of that community through his work with farmers and ranchers.