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

New Features to Enterprise Budgets

By Greg Halich | Associate Extension Professor
Published on Oct. 28, 2021

Enterprise budgets are designed to help farmers estimate profitability in the current and future growing seasons, and are also used by lenders and other agricultural-related professionals.  Expected year-to-year changes in profitability can help farmers make decisions related to cropping decisions (e.g.

COVID-19 and Kentucky’s Migrant and Resident Agriculture Worker Population

By Savannah Columbia | Extension Associate
Published on Oct. 28, 2021

COVID-19 has impacted the lives of every resident in the Commonwealth of Kentucky. Many Kentuckians have dealt with school and workplace closures, supply chain malfunctions, and so, so much more over the past two years.

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.

Characteristics of Higher Profit Farms

By Lauren Omer Turley | KFBM Area Extension Specialist
Published on Aug. 31, 2021

In today’s farming culture, the goal of most producers is to be at the top of the profitability curve in order to stay competitive. A period of lower commodity prices led to tight margins and producers had to work on being as efficient as possible to maximize returns.

2021 Land Values

By Steve Isaacs | Extension Professor
Published on Aug. 16, 2021

Average Kentucky farm real estate values were $4,000/acre as reported in the annual Land Values Summary released by USDA on August 6. This was 2.0% higher than 2020 and the first-time average values have reached $4,000.

It May be a Good Time to Sell Your Mature Hardwood Timber

Published on Jul. 29, 2021

If you have purchased a sheet of plywood or a 2 X 4 stud from your local lumber yard or box store recently you very likely have noticed that wood product prices have skyrocketed. The demand for wood has been on the increase and the prices for timber and lumber have risen along with the products.

The Importance of Including Non-Cash Expenses

By Michael Forsythe | KFBM Area Extension Specialist
Published on Jul. 27, 2021

When farmers are evaluating their farm profitability, many times, they will only include their cash expenses and they will ignore a very important component of their true profitability.  It is very important to include non-cash expenses when determining farm profitability.  In this article, we will look at some of these non-cash expenses and why

“There’s an App for That”

By Jordan Shockley | Associate Extension Professor
Published on Jul. 27, 2021

Have you ever pulled your smartphone out and thought, “I sure wish there was an app for that”?  Well, you are not alone.  The development of new mobile apps for just about anything is fast-paced.  Why?  According to comScore, 89% of all mobile minutes are mobile app minutes.  The top two categories for mobile app users are social media and news/

Agriculture Exemption Number Now Required for Tax Exemption on Farm Purchases

By Jerry Pierce | KFBM Program Coordinator
Published on Jul. 19, 2021

A new Kentucky law requires that farmers apply for an Agriculture Exemption Number to make qualified purchases for the farm exempt from sales tax.