Items by Suzy Martin | KFBM Area Extension Specialist
Family Living and Net Farm Income
By Suzy Martin | KFBM Area Extension Specialist
Published on Sep. 27, 2024
The average family living costs for the 119 Kentucky Farm Business Management (KFBM) farm families whose 2023 living expenses were included in the family living study was $88,522 or $7,375 per month. Their average Net Farm Income (NFI) was $123,618.
Avoid Costly Fines: What You Need to Know About New Beneficial Ownership Reporting Rules
By Laura Powers | KFBM Area Extension Specialist and Suzy Martin | KFBM Area Extension Specialist
Published on Aug. 29, 2024
In 2021, Congress passed the Corporate Transparency Act, requiring certain entities to report information on their owners and those who have a certain level of control over the entity, referred to as Beneficial Ownership Information (BOI). This law became effective January 1, 2024.
Depreciation Changes 2023
By Suzy Martin | KFBM Area Extension Specialist
Published on Sep. 29, 2023
It is important to understand the challenges facing tax preparers when it comes to accelerated depreciation and equipment purchases with trade-ins. The Tax Cuts and Jobs Act (TCJA) passed in 2018 had three significant changes to capital purchases and trade-ins.
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.
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,
2020 Tax Update
By Suzy Martin | KFBM Area Extension Specialist
Published on Nov. 25, 2020
Despite all the events of 2020, the tax law changes were minimal.