With more than $7.6 billion in lost revenues over the past 36 months in Texas, farmers and ranchers face serious financial management challenges, say a Texas AgriLife Extension Service specialist. A close look at tax options will be in order.
DeDe Jones, AgriLife Extension risk management specialist in Amarillo, said drought plagued much of the state in 2013, causing property damage and additional livestock liquidations for many Texas agricultural producers. These losses and any unexpected revenue may have implications at tax time.
Low moisture fueled wildfires and ruined crops and pastures. And with the price of hay increasing by 200 percent during this time, Texas ranchers were forced to severely cull their herds and sell off large numbers of cattle in auctions.