Even though last year was tough on farm incomes, a strong back-end improved the situation and saw many farms making an increased profit.

In this week's Focus, we examine some of the options for farmers to save on their tax bill, and the options to consider before investing while also looking at how farmers should be planning for their future.

Declan McEvoy, from IFAC Accountants, takes a look at the implications of income averaging now that it has changed to a five-year period, especially in the context of increased volatility in commodities.

Given the improvement in farm incomes expected in 2017, driven by improving commodity markets, farmers will be interested in ways to invest surplus cash while reducing their tax bill. Most farmers with surplus cash will opt for a deposit account.

We look at the best term deposit rates for savings and consider the options for €10,000 invested over three years in the various banks.

Retirement

We also look at the typical options available to farmers planning for retirement including the differences in the state pension as well as the added complexities of retirement for women.

Thomas Hubert outlines the most important aspects of the Government’s Fair Deal Scheme and what farmers need to be aware of in the scheme in terms of farm assets.

The Irish Farmers Journal legal and tax expert Aisling Meehan looks at the implications of long-term leasing.