Brent Lackey

Tax Time for Farmers

Tax Time for Farmers

Tax season doesn't have to be stressful — with the right approach, it can be a year-round strategy that sets you up for success. In our latest blog, the UK Department of Agricultural Economics break down essential tax tips, key filing updates, and smart planning strategies for farmers and small business owners, including disaster-related extensions for Kentucky, new 1099-K rules, and options for livestock sales and asset depreciation. Stay organized, stay ahead, and start building a smoother path to your future tax filings today!

Understanding Your Financial Health: Advanced Recordkeeping Tips for 2025

Understanding Your Financial Health: Advanced Recordkeeping Tips for 2025

As we gear up for the 2025 season, effective recordkeeping is key to understanding your business's financial health and driving growth. This blog explores advanced methods, from cloud-based software to industry-specific tools, to help you track finances, analyze key metrics, and make informed decisions. Mastering recordkeeping will set your business up for success in the year ahead.

In case you missed it, check out our Recordkeeping 101 blog post to get caught up on this series.

Farmers Market Pricing Strategies: Balancing Customer Appeal and Profitability

Farmers Market Pricing Strategies: Balancing Customer Appeal and Profitability

Struggling to price your products at the farmers market? It’s a balancing act between attracting customers and ensuring profitability. From calculating your costs to understanding market trends and perceived value, this post breaks down key steps to help you set the perfect price. Ready to optimize your pricing strategy? Read on for tips that will boost your sales and sustain your business!

USDA Contract Freezes: What Farmers Need to Know and How to Take Action

USDA Contract Freezes: What Farmers Need to Know and How to Take Action

With the uncertainty of USDA contracts and funding while federal programs are being reviewed by the new administration and some programs being canceled, it is important for producers and organizations to understand their rights and key timelines. Farm Commons has recently published a resource aimed at helping producers navigate this situation.  Key points from this resource are summarized in this post.

The Power of Business Planning: Building a Roadmap for Success

The Power of Business Planning: Building a Roadmap for Success

Starting or growing a business is an exciting journey filled with opportunities and challenges. Whether you’re launching a startup, expanding an existing operation, or simply rethinking your strategies, it’s always helpful to have a well-thought-out business plan. This document isn’t just a formality—it’s a foundational step that can turn your vision into reality while ensuring you stay on track to achieve your goals. 

USDA Value-Added Producer Grant: Overview and Program Changes

USDA Value-Added Producer Grant: Overview and Program Changes

The USDA’s Value-Added Producer Grant (VAPG) program is a cornerstone for farmers, ranchers, and agricultural producers who wish to diversify their operations and expand their value-added products. For the current 2025 cycle and future cycles, there are some significant changes that you need to know if you’re interested in applying.  

Farm Recordkeeping 101: Recordkeeping Tips for 2025

Farm Recordkeeping 101: Recordkeeping Tips for 2025

As we enter the new year, many people will begin to look back at their records from 2024 to analyze their financial position and begin to prepare for the upcoming tax season. If you have an effective and efficient recordkeeping system, this process can be smooth and straightforward. Check out these tips to improve your recordkeeping system in 2025!

New Requirement for Businesses Registered with the Secretary of State: Beneficial Ownership Information

New Requirement for Businesses Registered with the Secretary of State: Beneficial Ownership Information

Businesses registered with the Secretary of State (such as LLCs or corporations) are now required to report Beneficial Ownership Information. As of December 26, 2024, the deadline for BOI filing has been suspended until further notice. However, the report is expected to be required in the future. We recommend voluntarily completing the report to avoid having to monitor future deadline updates.