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.
Consumer buying habits are rapidly changing. Restaurants are only open for carry out and delivery while many schools are implementing meal drop off programs. No one knows exactly what will happen, but as COVID-19 updates come in, remember the following when it comes to your markets.
Selling online can be a great opportunity for businesses to make up for lower in-person sales, pre-order products for quick pickup or delivery, and increase customer base to those who might not attend markets. Choose an online ordering service that meets your needs and works with the systems you already have. Check out five online ordering options we have seen clients use.
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…
Question: I’m still not sure how COVID-19 is going to affect my farm business. I have 5 employees and I don’t know what to tell them if anything. What do I tell my employees?
Your employees already know this is not a normal spring season. Clearly communicating your plans and decisions will help them avoid assuming the worst and enable them to plan for the coming weeks.
Question: How do I manage cash flow when I’m concerned about the effect of reduced travel/walk-in traffic on my business?
Answer: The next two weeks and the next two months are going to be critical for many small businesses as we all figure out what the eventual impact will be. Click to read about a few rules of thumb for businesses.
Coronavirus is a new challenge to our healthcare system and all of us are learning as we go. However, good practices on crisis management apply here just like they do with other crises. KCARD will be providing additional Q&A posts about how to handle the specific problems we are hearing from businesses with whom we work with, so stay tuned.
Two weeks ago we talked about dealing with the crank in person - that person that leaves a bad review, yells at your staff, decides to leave and never come back and tells all their friends to do the same. What happens when the person complains online?
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?
This past Friday and Saturday the 4th Annual Eastern Kentucky Farmer Conference was held at the Morehead Convention Center in Morehead, KY. A technical assistance “ThinkTank” and an Eastern Kentucky Grower Buyer Meetup added to the conference this year, giving attendees the opportunity to not only network with other producers but also buyers, funders, and technical assistance providers. The conference offered 16 different sessions, including 4 short courses on Friday discussing topics such as high tunnel production, food safety regulations, business planning, and online marketing. Saturday included 12 different sessions on topics such as starting a CSA, no-till vegetable production, non-timber agroforestry, agritourism, and small fruit production.
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.
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.
