Tax Management is Still Important – Even in a Down Year

By Jennifer Rogers | KFBM Area Extension Specialist
Published on Nov. 29, 2022

With farm production being down, compared to recent years, it may come as a surprise to many that tax management is still vitally important.  Kentucky producers were blessed in 2021 with record yields and good prices, resulting in high revenues.  While some of the 2021 revenue may have been recognized last year, many bushels of crops were held o

Retirement 2022

By Tarrah Hardin | KFBM Area Extension Specialist
Published on Oct. 31, 2022

Currently, it is a very stressful time to be farming because of conditions that cannot be controlled. With high input and equipment prices, some producers are thinking of exiting in the next few years.

Farm Employee Retention

By Suzy Martin | KFBM Area Extension Specialist
Published on Sep. 29, 2022

Hiring and managing employees is one of the least liked tasks a farm operator faces. Questions about the cost of hiring employees are an often-asked question of Kentucky Farm Business Management Program (KFBM) specialists.

Carbon Programs for Woodland Owners in Kentucky

By Jordan Shockley | Associate Extension Professor
Published on Sep. 29, 2022

As carbon programs continue to evolve and expand throughout the country, many programs focus on agriculture, specifically sequestering carbon in row crop production. Why agriculture?

2022 Farmland Values

By Steve Isaacs | Extension Professor
Published on Sep. 29, 2022

Kentucky’s farm real estate values increased 8.8% according to the annual Land Values Summary released by USDA in August. Average real estate value in the Commonwealth increased to $4,350 per acre, up from the $4,000 per acre reported in 2021.

Relating Farm Financial Terms to Real Life

By Kayla Brashears | KFBM Area Extension Specialist
Published on Aug. 30, 2022

A producer that works with any type of lending institution may hear their lender use words like liquidity, solvency, and profitability. Their banker may tell them their Term Debt Coverage Ratio is less than 1:1, so the new farm purchase is off the table. A producer may know that their Debt-to-Worth is good or their Current Ratio is bad.

USDA-FSA’s Livestock Indemnity Program

By Kenny Burdine | Extension Professor
Published on Aug. 9, 2022

USDA’s Livestock Indemnity Program (LIP) is administered by the USDA Farm Service Agency (FSA) and is intended to help compensate producers for greater than normal levels of livestock deaths from adverse weather, disease outbreaks, and predator attacks. The program can also partially compensate producers for lost value resulting from injury.

Historical Farm Income and Expenses

By Lauren Omer Turley | KFBM Area Extension Specialist
Published on Jul. 29, 2022

Agriculture seems to be on a roller coaster recently with the volatile commodity markets, energy costs, and the tough summer weather.  Looking back over the last ten years, grain farmers have seen a wide range of commodity prices and yields.  There has been much more variance on the income side than the costs per acre.  It is interesting to look

I Have This Farm, Now What?

By Michael Forsythe | KFBM Area Extension Specialist
Published on Jul. 29, 2022

What do I do with the farm I just bought?  Although this sounds like a question that should be asked before you buy the farm, there may be circumstances that cause you to acquire a farm before deciding what to do with it.  You may decide you want to move your family out of the city to a rural area so you buy a house and a small farm.  You might

Hay Production Cost Increases in 2022 and Management Implications

By Greg Halich | Associate Extension Professor
Published on Jul. 29, 2022

Costs for hay production have skyrocketed in 2022.  Fertilizer is driving the bulk of the overall increase, followed by fuel, and then general cost increases for other categories (what could be considered “general inflation”).  While we can debate the exact causes of all these increases (i.e.