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.

People Skills: Appropriate Feedback

By Steve Isaacs | Extension Professor
Published on Jun. 29, 2021

Farmers manage crops and cattle, machinery and marketing, land and labor. That last one may be the most difficult. People are the most important resource in a farm business. Nothing productive happens unless people are doing something with the crops, cattle, machinery, marketing, and land.

Does the IRS Consider my Farming Operation a Hobby Farm?

By Tarrah Hardin | KFBM Area Extension Specialist
Published on Jun. 29, 2021

Many producers that have both farm and non-farm income, may question if the IRS considers their farming activities to be a “business” or a “hobby”.  This is a very important distinction to both the farmer and the IRS due to the IRS treatment of business income versus “hobby” income.

Estate Transfer under the Proposed American Families Plan

By Jerry Pierce | KFBM Program Coordinator
Published on Jun. 29, 2021

On May 28th the Biden Administration released a general explanation of its proposed tax changes.

U.S. and Global Food Price Inflation

By Will Snell | Extension Professor
Published on May. 28, 2021

Food price inflation continues to be headline news as the food system adjusts from the lingering effects of COVID-19 amidst tight labor/ag supplies, a resurgence in the U.S. economy, and a host of other factors discussed below.

Proposed Gift and Estate Tax Changes

By Laura Powers | KFBM Area Extension Specialist
Published on May. 28, 2021

You may have been reading in the news lately about proposed changes to various tax laws and their impact on farmers.

Solar Farming Considerations

By Alison Davis | Extension Professor
Published on May. 28, 2021

An effort to rely on renewable resources instead of nonrenewable has the potential to meet the increased global demand for electricity. Both solar and wind energy have the potential to offset a significant fraction of non-renewable electricity demands, yet it occupies extensive land when deployed at levels large enough to meet global demand.

How Hay Became a Four-Letter Word

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

I've been waiting patiently for the inevitable to happen — for the word “hay” to morph into the word “haye,” or something similar.

Examining How Macroeconomic Policy Changes Impact the Farm Economy

By Will Snell | Extension Professor
Published on May. 12, 2021

Farmers and agribusinesses closely monitor changes in commodity and input prices, crop yields, rates of gains on livestock, the latest technology, and of course, the weather. However, changes in macroeconomic variables such as interest rates, inflation, income growth, and exchange rates, often have a much greater impact on their bottom line.

Contractor or Employee?

By Jennifer Rogers | KFBM Area Extension Specialist
Published on Apr. 29, 2021

Extra help is often needed around the farm.  It can be easy to get someone to come help out when needed and pay them at the end of the day for the job completed.  What gets difficult is knowing the difference between contract labor and an employee.  A lot of the time, this distinction between contractor or employee may not come up until the end