Items: Management & Finance
Reducing Your Dependency on Commercial Fertilizers Strategies for Cattle Farms in 2022 and Beyond
By Greg Halich | Associate Extension Professor
Published on Feb. 28, 2022
Fertilizer prices have risen to all-time high levels in the last few months. Table 1 shows these increases over the last year for the most common commercial fertilizer sources used by cattle farmers. Nitrogen and potassium fertilizers have both more than doubled over the last year.
IRS Extends March 1 Filing Date for Kentucky Farmers Affected by December Tornadoes
By Jerry Pierce | KFBM Program Coordinator
Published on Feb. 1, 2022
The Internal Revenue Service has announced that certain farms affected by the December 10th severe storms and tornadoes now have until May 16, 2022 to file 2021 returns and pay tax due.
Update on Agriculture Exemption Number for Sales Tax Exemption on Farm Purchases
By Jerry Pierce | KFBM Program Coordinator
Published on Jan. 28, 2022
The application deadline for farms with existing Exemption Certificates on file with farm suppliers was January 1, 2022. Applications are still being accepted for existing farms.
Demand for Certified Kitchen Use Nationally and in Kentucky
By Camille Stevens | Extension Associate
Published on Jan. 28, 2022
Many Certified Kitchens saw a shock to their system and a halting of kitchen rentals and revenue as COVID-19 made its impact.
Inflation – “Good” or “Bad” for Agricultural Producers and Consumers?
By Will Snell | Extension Professor
Published on Jan. 28, 2022
Inflation has been headline news for several months and certainly an issue impacting all businesses, industries, and all of us as consumers.
Opportunity or Obligation
By Steve Isaacs | Extension Professor
Published on Nov. 23, 2021
Baby Boomers are in the process of transitioning trillions of dollars of assets to Millennials and Gen Zers. This includes farming Baby Boomers. USDA’s Farmland Ownership and Tenure survey indicates that about ten percent of farm assets transition to new owners every five years.
The Economic Value of Applying Broiler Litter in the Fall | 2021
By Jordan Shockley | Associate Extension Professor
Published on Nov. 23, 2021
Spring application of broiler litter is ideal for maximizing the economic value but faces challenges that include wet soil conditions, lack of time to spread litter near planting, and availability of litter in the spring.
Building a Farm Balance Sheet
By Kayla Brashears | KFBM Area Extension Specialist
Published on Nov. 23, 2021
As December 31 approaches, producers should work towards developing a quality balance sheet. Doing so is critical to measure business growth year over year, liquidity, solvency, and borrowing power.
Family Living Expenses on Kentucky Farms
By Steve Isaacs | Extension Professor
Published on Oct. 28, 2021
There is likely no single item in a farm business cash flow with more uncertainty and more variability than “family living expense.” Farm income and expense items are measured pretty accurately because they will be needed for tax reporting and for borrowing eligibility…two pretty good reasons.
Bookkeeping Tips for Multi-entity Operations
By Suzy Martin | KFBM Area Extension Specialist
Published on Oct. 28, 2021
There are multiple reasons a farming operation might separate its business into multiple entities. It might be for transition and estate purposes, liability reasons, tax issues, etc. Ideally, these kinds of decisions involve input from everyone that is part of the “team.” Meaning owners, the attorney, tax advisor, management, lender, heirs, et