Tax season doesn't have to be stressful — with the right approach, it can be a year-round strategy that sets you up for success. In our latest blog, the UK Department of Agricultural Economics break down essential tax tips, key filing updates, and smart planning strategies for farmers and small business owners, including disaster-related extensions for Kentucky, new 1099-K rules, and options for livestock sales and asset depreciation. Stay organized, stay ahead, and start building a smoother path to your future tax filings today!
As we gear up for the 2025 season, effective recordkeeping is key to understanding your business's financial health and driving growth. This blog explores advanced methods, from cloud-based software to industry-specific tools, to help you track finances, analyze key metrics, and make informed decisions. Mastering recordkeeping will set your business up for success in the year ahead.
In case you missed it, check out our Recordkeeping 101 blog post to get caught up on this series.
Struggling to price your products at the farmers market? It’s a balancing act between attracting customers and ensuring profitability. From calculating your costs to understanding market trends and perceived value, this post breaks down key steps to help you set the perfect price. Ready to optimize your pricing strategy? Read on for tips that will boost your sales and sustain your business!
With the uncertainty of USDA contracts and funding while federal programs are being reviewed by the new administration and some programs being canceled, it is important for producers and organizations to understand their rights and key timelines. Farm Commons has recently published a resource aimed at helping producers navigate this situation. Key points from this resource are summarized in this post.
Starting or growing a business is an exciting journey filled with opportunities and challenges. Whether you’re launching a startup, expanding an existing operation, or simply rethinking your strategies, it’s always helpful to have a well-thought-out business plan. This document isn’t just a formality—it’s a foundational step that can turn your vision into reality while ensuring you stay on track to achieve your goals.
People are requesting gift certificates to help support local farms and local food businesses. Offering gifts cards is a great way to let people support you during this time of crisis. So how do you set that up? It depends on how you take payment now, but you have some options…
For most farm-based products, you do not collect and submit sales tax in Kentucky. However, if you are selling non-food items, such as soaps, painted gourds, or other farm-related crafts, you must collect and remit sales tax. In Kentucky, you do this quarterly. What if you sell online, in other states?
Have you thought about getting crop insurance but assumed it would be too expensive or that it was only for large-scale operations? Crop insurance can be an option for your farm to help you cover the risk associated with weather or revenue. Today, the federal government helps cover 38% to 80% of your premium, depending on the amount of coverage, the policy, and what you grow.
If you attended the National Farm Machinery Show this past week, the temptation of a bright, new shiny piece of equipment was a tempting one. Here is an “oldie but goodie” article from 2016 about making a big purchase for your operation.
Once you decide to hire someone, you need to lay the groundwork for keeping good employee records. What are some recordkeeping basics when you hire someone?
Is it time? If you have been a one-man or one-woman shop and haven’t made a hire yet, what are the questions you should ask yourself before making that hire? Check out this post from KCARD staff on the questions they pose to businesses considering this step.
The Kentucky Center for Agriculture and Rural Development is a non-profit organization established to facilitate agricultural and rural businesses in Kentucky. We are supported primarily through grants provided by the USDA Rural Cooperative Development Program and the Kentucky Agricultural Development Board. Additional support is provided through our work with partners around the state and through fees charged for select client services.
