Compacting soil has an adverse effect on soil properties, decreases crop productivity, and subsequently reduces farm income. Low tire inflation pressure (LTP) help in managing soil compaction and protecting the soil environment; however, there is scant economic data available on LTP in US Midwest farming systems. Hence, a 3‐year study investigated the effects of LTP, compared to tires inflated to the standard tire inflation pressure systems, on crop yield and farm economy for a typical maize/soybean rotation. The effect of the two tire inflation pressure systems was factorialized with three tillage systems: deep tillage (DT, 450 mm), shallow tillage (ST, 100 mm), and no‐till systems. The results showed that LTP systems increased maize (Zea mays) yield by 4.51% (2017) and 2.70% (2018) and soybean (Glycine max) by 3.70% in 2018. Annual earnings for both 200‐ and 800‐ha farms increased for all tillage systems with LTP tires based on a partial budget analysis. The payback periods for LTP tires were very short, ranging from 0.32 years for DT on an 800‐ha farm to 1.18 years for ST on a 200‐ha farm. The net present value of the higher returns with LTP tires was substantial, especially for the DT system. This study shows a strong economic benefit from investments in LTP tires on silty clay loam soils in the US Midwest.