Items by Tarrah Hardin | KFBM Area Extension Specialist
2024 Family Living and Net Farm Income
By Tarrah Hardin | KFBM Area Extension Specialist
Published on Aug. 31, 2025
Over the last few years, farmers across the state had to sharpen their pencil when it comes to the farm budget. One part of the budget should be a family living cost. The average family living cost was $100,358 or $8,363 per month in 2024 for the 90 farms in the Kentucky Farm Business (KFBM) family living data set.
What to Think About Going into Harvest?
By Tarrah Hardin | KFBM Area Extension Specialist
Published on Aug. 29, 2024
As we are moving into harvest there are couple of things to think about in terms of farm finances. This year, net farm income is expected to decline and many farmers are worried about how they will cash flow the rest of the 2024 crop year.
2022 Financial Overview of Kentucky Farms
By Tarrah Hardin | KFBM Area Extension Specialist
Published on Jun. 29, 2023
After coming off a record high Net farm income (NFI) in 2021, grain farms in Kentucky Farm Business Management (KFBM) program saw their net farm income decrease to levels below pre-pandemic. Net farm income is the value of farm production less total operating expense and deprecation.
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.
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.
Be Proactive Rather than Reactive in Hard Financial Times
By Tarrah Hardin | KFBM Area Extension Specialist
Published on Jul. 28, 2020
When facing hard financial times, like the ones we are currently facing, it is very easy to sit back and let the cards fall and hope that they are in your favor. This approach is very risky and most of the time will not end the favor of the one being reactive to the situation.