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.
Last year about this time, we all began learning a lot more about COVID 19. We also started seeing grocery shelves with less meat on them than we normally expected to see. Meat processors in the state who were already at least six to eight weeks booked if you tried to schedule animals to be processed started getting a lot more calls as more people were seeking local meat and more farmers saw an opportunity to expand direct meat sales to consumers.
Mattea Mitchell, one of KCARD’s business development assistants, took some time to answer a few questions about herself and the assistance she provides.
With the Kentucky Local Food Systems Summit starting tomorrow (you can still register here!), we wanted to spotlight KCARD’s Kentucky Local Food System Expansion Initiative. Launched in 2020, the initiative works collaboratively with partners to assist Kentucky local food farmers and buyers in sales and sourcing of local food. Below are some common questions about the Initiative.
Cara Stewart, one of KCARD’s business development assistants, took some time to answer a few questions about herself and one of KCARD’s many services, recordkeeping support.
One question we receive a lot at KCARD is how to begin looking at a business’s financial statements and learning from them so that you can make good decisions going forward. Right now, this topic is especially timely since we know a lot of folks who are calendar-year tax filers are putting together their documents to take to their tax preparer.
Are you currently selling your products online? Do you want to start selling products online? Online sales offer an opportunity for your customers to shop whenever and wherever they want. Below are some tips for selling online.
You’ve made your first hire, gotten all the paperwork and file systems in place, and are ready to start training employees. How do you set yourself and your employee up for success? Below are some key points to focus on to make sure both parties have a successful experience.
“Well, I’ve already got so much into this crop, might as well see it through...”
“I spent a whole lot of money to start this project, so I need to spend more money to get it done.”
If you hear yourself saying this, do not make any sudden movements. You are about to sink a decision by considering your sunk costs. “Sunk costs” refers to money that is already spent. No matter your next decision, that money is G-O-N-E with no recovery, so if you try to base your decision on those costs, you could end up throwing good money after bad.
Developing and operating a successful business is never an easy task, but operating successful cooperatives can be even more challenging due to their unique business structure and the group dynamics involved. Here are seven ways that a cooperative can improve its odds of success:
With the upcoming growing season quickly approaching, the Kentucky AgVets program partners will be matching the first round of veteran participants with mentor farmers. Mentorships will be designed to provide hands-on training and develop a network for veterans looking to start their career in agriculture. Mentorships will start out at 9 months long and can be extended as needed if mentor and veteran participant agree.
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.
