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.

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.

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.

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

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.

Tools to Manage Risk for Dairy Producers

By Kenny Burdine | Extension Professor
Published on Sep. 30, 2021

Much discussion in the dairy sector last year was focused on the impacts of COVID-19 and the pricing issues that came with it. Mailbox prices in the Appalachian region, which includes Kentucky, typically exceed US All Milk price due to class I differentials and high class I utilization.

Fall 2021 Wheat Planting Decision

By Greg Halich | Associate Extension Professor
Published on Sep. 30, 2021

Corn harvest is now underway and Kentucky grain farmers will soon decide if and how much wheat they will plant this fall.  Compared to last year there is a significant increase in wheat and soybean prices, as well as major increases in all fertilizer prices.  The following analysis quantifies these relative changes to estimate the profitability