Here in Oregon the voters passed a new state lottery back in the early eighties. One of the first jackpot winners was a farmer. When the TV news reporters asked what he would do with the winnings, he replied ”I'm going to keep farming until it's all gone!" 🤣
Thank you for your discussion. Faming, even on a small scale, is a lot more complicated than most people realize. It's taken us years to get a handle on it.
Keep these videos coming Pete. I have developed a habit of cleaning the shop while listening to these. If you quit these Sunday videos. It's your fault my shop is messy haha
As a retired Financial Planner, you NAILED it Pete! Great video. You mentioned all the relevant areas that need to be addressed. I can't stress enough the importance of the Umbrella Liability policy that you mentioned. Needed for your Personal Property and the Farm Business. We are getting ready to start selling beef and your video reminded me to contact my Farm Bureau agent to see if there is a Rider that I need for that on my Umbrella Policy. Thanks for all you do!
Happy Sunday to you & your family! I watch your channel mostly to learn. To learn about running a farm. I am not a farmer but love hearing about the life you've chosen. I also enjoy the animals that are on your farm. Learning again about something I know nothing about. Thanks for your channel. Be well.
Great content. We have been considering an LLC for our water borne business activities. Your explanation helped a lot! Applicable to any business, not just a farm. Thank you!
Here in Alabama, we weren’t required to set up DBA or LLc to file our taxes as a farm which we did for the first time last year. However, after hearing your comments about liability, I think we will revisit setting this us especially since we will be opening for upick in a couple years. Thanks!
Hi! I’m Kaden, I turn 18 in June, I work on a family farm at the moment but looking forward to creating my own small farm very similar to yours! I appreciate all the information and knowledge you share to us viewers! Right now I’m still learning as far as the whole tax, and business side goes....but hopefully with the information I learn from your videos and being on the farm myself, it can be a lot more comfortable transition when I’m ready to begin my small farm! Have a great night! God bless! Enjoy your videos!
Topic Idea, maybe? What about your peers and mentors, groups that you belong to which can help you with questions. I have the beginnings of a small farm and there is never a day that goes by that I wish I could ask a quick question about methods or best practices, etc. Getting out of a jam (usually mechanical for me) I do call friends for ether help or ideas. I know everything is online these days and that's great, but I'm a hands on learner and when I have someone helping me through a process I pick up the solutions faster. Love the channel. Been around since the first thousand viewers and I love that you, and your perspectives really have not changed. Thank you.
My wife and I just took the plunge and started a small farm. This info is super helpful. I will say that laws in our state are quite different. Our sales tax exemption, for example, requires 100% use on the farm, not 50%. If you’re not in NY, double check all this stuff!
Starting a small farm is more complicated then getting a doctorate In medicine. Being a small farm requires being a business manager, a financial officer, a mechanic, and engineer, a veterinarian, plumber, electrician, etc. Take the time and ration your energy. It takes a lifetime to grow a small farm from nothing to support a family.
Corn cob collage not for the faint of hearts! It also includes a few degrees in horticulture. Hopefully you can grow something after you figure out how to fix that tractor that broke at the most inconvenient time. Well just would not be as much fun if it all went well. There is always so much to learn.
Good topic as always, learning a lot in those 13 teen to 20 minutes videos. It's easily the best part of my Sunday's, looking farword to more. Thank you and keep up the good work you do!
I've been watching a young guy starting a farm. He just bought some more land. He bought 120 acres for $6500 an acre. 17 acres was woods. He's starting from scratch.
Hey I've been watching your videos for a little while now and have found them very informative. My wife and I bought a 42 acre farm last year about an hour and a half south of you. We are working on making things happen and your videos do hel0
I have no interest in starting a farm, and I'm still super glad you're doing this on Sundays. I romanticize the idea of farm life(not so much the hard work involved), and I'm fascinated by the minutiae of running all businesses(including farms), so I thoroughly enjoy episodes like this. Thank you.
Love the Sunday chat! Wanting to startup our business these details and discussions are super helpful. I realize it’s a different state but there are things you mention that I didn’t think about. Thank you! Please continue with these.
Wow I actually love doing my taxes ... Thank you so much for the info unfortunately I live in AZ and the taxes seem very different but I may check that out before that move..😀
A few things for your consideration. The sales tax issue goes both ways in many states that otherwise tax agricultural products. Many states exempt small farms from collecting sales tax. In some states, what is and is not subject to sales tax collection is as clear as mud….so when/where small farms are exempt, that is a pain in the butt removed. Personally I think the LLC is the only way to go for a small farm. The other two choices have lots of traps that most people won’t recognize until caught in one. Also a lot of folks don’t read the fine print on their liability policy. The way courts assign contributory negligence these days plays right to loop holes in insurance. While not always practicable, a growing trend in shielding small farms is to separate the primary dwelling and non-ag land as a separate parcel that is not part of the farm operation. When it comes to a gross sales requirement, some states now count ag product donations to charitable organizations, such as a church run food bank. Also you should mention that major improvements (whether existing or newly erected) and expensive equipment, while not subject to being expensed, should be depreciated based on the cost of acquisition and what category of depreciable assets they fall into.
Questions I have had for a long time answered here, for that THANK YOU ! I am way behind, but couldn't have stumbled on a better video to start catching up with! Details are amazing you share, very informative and interesting! Thank you very much!! Will catch up soon!
Nice video Pete an idea for a future small farm Sunday video I'm also in New York I'm interested in the USDA small farm poultry processing exemption you had mentioned that you had to follow a few sanitary protocols and that you have a butcher shed I was wondering if you could go over what some of them basic sanitary procedures are so I know thank you very much
As a business person you need advisers - Banker, Insurance broker, Lawyer, Financial adviser/ accountant/ tax planner. Consider these folks as part of your business team. Yes is costs money, but in the long run it will save you more money and protect you from making large costly business mistakes. That is true for any business not just a farm but you should be looking for advisers that have experience with the field of business your in. JMHO
Trying to keep it simple. For anyone that starts farming. You can just add a schedule f to your 1040 ez and you can deduct your start up expenses as a loss against your income from your other sources of income. You can only deduct those losses for a few years maybe 3 out of 5 years( can't remember exactly), but you have to show a profit in two years to have it not classified a hobby. You need to have a good record system to record farm income and farm expenses vs family living expenses that are non-deductible and keep all receipts. You have to be able to prove you were trying to make a profit of you exceed the 3 out 5 years of losses. Setting up depreciation schedule is highly important also especially with building infrastructure and ag is basically the only industry with intermediate assets. I haven't ever had seperate checking or another entity, but maybe in time. It's probably wise to have an llc if selling direct to the consumer that I don't do. The sales tax exemption is important also and property tax exemption also. Every state and county has different requirements.
In Michigan there is a Agricultural property tax exemption from some school taxes. Can save hundreds if not thousands in tax dollars. You must be using at least 50% of your land for an Ag purpose. Contact your local Assessor for the application and more info.
Pete, you are paying too much in taxes if you are a LLC. If you changed to a S-Corp you can take about 40% of your pay as profit distributions which are exempt from payroll taxes. This will save you 15% on that 40% of your pay. All you have to do to qualify for S-Corp distributions is take a nominal weekly salary. I was a LLC and changed to an S-Corp.
While the sales tax exemption is a smart thing to apply for, its helpful to know the big picture behind it. Lets assume for a second that both eggs and chicken feed is taxable in NY. That means the farmer is supposed to charge sales tax on eggs and then remit that sales tax to NY. If the farmer paid sales tax on the chicken feed AND remitted the sales tax they collected on the eggs, NY would get paid on both in input of production (feed) and the finished production (eggs). Since (well not yet anyway) there is no value added sales tax regulation, the exemption is to avoid this condition.
Small farmers NEED to be competent on legal, tax, and licensure issues - these are roadblocks that are set up to keep out competition from the big guys who have paid professionals who know this stuff backwards and forwards. It IS a competitive world out there and these days you have to wear a lot of hats to stay in the ring...
If a person is serious about owning a business, any business, they should have three relationships. A lawyer, banker and an accountant. The internet is great, but nothing beats long term personal relationships. If someone runs into your truck on the way to farmers market and ruins a whole truckload of product, Legal Zoom is not going to be much help. You run your business on a cash basis, but no website knows that. A long term banking relationship can smooth your finances immensely. Now you might be good at accounting and can avoid having one, but it's nice having a good financial mind reviewing your business plan on regular basis. Over 40 years I've had it all. From a sole proprietorship to an LLC to management at a major corporation and these relationships have been a valuable asset. The money I spent with them has returned itself many times.
If you don’t have bearded ladies eating fire, midgets getting shot out of cannons and pigs riding tricycles, your leaving money on the table! 😎 Be a destination farm!
When you do the sales tax in ohio you need more then 10 acres or dedicate 3 years to it and make 2,500 or more each year to qualify with what land you do have to do this. Unfortunately I don't fall into this category yet... even though I'm farming rented land and raising hogs and have egg layers selling eggs. I just gotta keep plugging away until I'm making this off of my place
Are you sure about that? I googled Ohio's rules and they seemed very similar to NY's for sales tax exemption. There was no minimum acreage or farm gross income requirements.
@@JustaFewAcresFarm I looked it up said 10 acres or make over 2500 a year off how much land you have for a minimum of three years to be enrolled in it. I'm not saying I'm right I'm still learning at this and I may be wrong. Loved the video really opened my eyes to everything
Yes Restoration, as a fellow Ohioan, as Pete says, you are confusing the CAUV (current agricultural use valuation) valuation of real estate with what you call "sales tax".
Love your videos. From upstate NY as well, about 25 minutes outside of Albany. Do you need an LLC to sell produce at farmers markets or can any gardener sell their crops there? Thank you!
If you search back in the videos there is a great one he did discussing the two eggmobile versions he did. He also has one or two discussing the Salatin style tractors he uses.
You mention that it's important to keep farm finances separate from personal finances. I would assume that would get complicated: who pays the monthly utility bill, you or the farm, since I guess it comes as one monthly bill? Does the "farm" pay you a "salary" and if so, how do you determine what that salary is each year? Obviously, I'm not asking for specifics but rather the method of determination.
Question for possible Sunday chat.. do you use a rural water system or do you have your own well? in NW Iowa you need to get permission from the Rural Water board if you want to drill your own well.
Maybe for one your small farm Sunday talks you could give your opinion on investing in farmland. I read that Bill Gates is now one of the largest owners of farmland in the USA. Do you think investing in farmland will help or hurt small farms?
Hello Pete. We love your videos and we have a question about how to find our first Dexters to start our own heard. We are in Central Kentucky but are having problems locating quality dexter‘s. Could you give us some ideas on where we can go?
Do you "employ" the kids to get them to take part in the farming? How much involvement or interest do they have in the daily operations or the planning / management / paperwork side of things? Do you think they'll continue the farm business?
So, you mention keeping your personal finances and business finances separate. So as you're building your farm before money comes in; where does your farm get money from? I can transfer funds to a business account so that way the farm accounts have funds to make purchases but is that truly keeping your finances separate?
I'd like to hear your take on how you pay yourselves from farm income. I don' t mean that to sound snarky. I've just always had trouble figuring it out. Do you calculate in a per hour rate into your sales, or figure a take at the end of the month/week/etc?
What does an LLC Business plan look like? How do you incorporate all of these Farmer's Markets? We have had markets just opening now after a year. How do you adjust for Covid?
Pete how do you document the renting for a $1/ yr. is it a contract that you do between yourself and your business or is it just under your expenses. I am curious about the best way to document that. Thanks!
Thanks for the info. Do you have a recommendation on a insurance provider for poultry. I’m not in new York. I have made a lot of calls about processing birds and keep getting laughed at
Here in Oregon the voters passed a new state lottery back in the early eighties. One of the first jackpot winners was a farmer. When the TV news reporters asked what he would do with the winnings, he replied ”I'm going to keep farming until it's all gone!" 🤣
Thank you for your discussion. Faming, even on a small scale, is a lot more complicated than most people realize. It's taken us years to get a handle on it.
Jerry, So true. But I can't count how many people have tried around me and went bust.
Keep these videos coming Pete. I have developed a habit of cleaning the shop while listening to these. If you quit these Sunday videos. It's your fault my shop is messy haha
This is the most interesting tax video I've ever seen.
As a retired Financial Planner, you NAILED it Pete! Great video. You mentioned all the relevant areas that need to be addressed. I can't stress enough the importance of the Umbrella Liability policy that you mentioned. Needed for your Personal Property and the Farm Business. We are getting ready to start selling beef and your video reminded me to contact my Farm Bureau agent to see if there is a Rider that I need for that on my Umbrella Policy. Thanks for all you do!
Happy Sunday to you & your family! I watch your channel mostly to learn. To learn about running a farm. I am not a farmer but love hearing about the life you've chosen. I also enjoy the animals that are on your farm. Learning again about something I know nothing about. Thanks for your channel. Be well.
Future topic Pete.... Vet stuff. What you do in house and what do you hire out and why?
Very informative, the tax side of a small business is always a nasty maze.
Government can't fix the problem, government is the problem.
@@katieandkevinsears7724 Absolutely.
Your Sunday tales quickly became my favorite.
I have been farming all my life full time we farm 900 acres some lease what you are telling people is right I enjoy watching you
Great content. We have been considering an LLC for our water borne business activities. Your explanation helped a lot! Applicable to any business, not just a farm. Thank you!
Here in Alabama, we weren’t required to set up DBA or LLc to file our taxes as a farm which we did for the first time last year. However, after hearing your comments about liability, I think we will revisit setting this us especially since we will be opening for upick in a couple years. Thanks!
Hi! I’m Kaden, I turn 18 in June, I work on a family farm at the moment but looking forward to creating my own small farm very similar to yours! I appreciate all the information and knowledge you share to us viewers! Right now I’m still learning as far as the whole tax, and business side goes....but hopefully with the information I learn from your videos and being on the farm myself, it can be a lot more comfortable transition when I’m ready to begin my small farm! Have a great night! God bless! Enjoy your videos!
A video about what is deductible would be handy. It's the first thing I thought of. Now, to rewind this & play it again. Kinda glazed over myself. LoL
Topic Idea, maybe? What about your peers and mentors, groups that you belong to which can help you with questions. I have the beginnings of a small farm and there is never a day that goes by that I wish I could ask a quick question about methods or best practices, etc. Getting out of a jam (usually mechanical for me) I do call friends for ether help or ideas. I know everything is online these days and that's great, but I'm a hands on learner and when I have someone helping me through a process I pick up the solutions faster. Love the channel. Been around since the first thousand viewers and I love that you, and your perspectives really have not changed. Thank you.
My wife and I just took the plunge and started a small farm. This info is super helpful. I will say that laws in our state are quite different. Our sales tax exemption, for example, requires 100% use on the farm, not 50%. If you’re not in NY, double check all this stuff!
Starting a small farm is more complicated then getting a doctorate In medicine. Being a small farm requires being a business manager, a financial officer, a mechanic, and engineer, a veterinarian, plumber, electrician, etc. Take the time and ration your energy. It takes a lifetime to grow a small farm from nothing to support a family.
Corn cob collage not for the faint of hearts! It also includes a few degrees in horticulture. Hopefully you can grow something after you figure out how to fix that tractor that broke at the most inconvenient time. Well just would not be as much fun if it all went well. There is always so much to learn.
Love these talks!!💜 Very informative for us that want to follow our dream.
Thank you Professor Pete! It is very obvious you know what you're talking about and you are an excellent teacher! I... only wish I lived in NY...
Good topic as always, learning a lot in those 13 teen to 20 minutes videos. It's easily the best part of my Sunday's, looking farword to more. Thank you and keep up the good work you do!
the cows are outstanding in the pasture. git it out-standing.
Super helpful! God bless you!!
Thank you for this information and in great detail.
I've been watching a young guy starting a farm. He just bought some more land. He bought 120 acres for $6500 an acre. 17 acres was woods. He's starting from scratch.
Its rough to get going!
I hope he has a good business plan. IMO, better to find marginal land at a lower price or lease land when just starting out.
@@JustaFewAcresFarm
Can you do a video about starting on leased land? Or starting on marginal land?
If that's true that's 780000. That's was way too much.
Good quality farm land around me goes for about $3000 an acre. $6500 is insane.
Hey I've been watching your videos for a little while now and have found them very informative. My wife and I bought a 42 acre farm last year about an hour and a half south of you. We are working on making things happen and your videos do hel0
Thank you for sharing!
The Small Farm Sunday videos are great!
your living the life and shows in your disposition as a stranger I wish all the best from up here in Canada
Thanks Pete!
Thank you!! I was wondering what my next step should be
Very interesting, as always. Thanks Pete.
Just the info I needed. thanks
Great video and a real eye opener. Can't thank you enough.
I have no interest in starting a farm, and I'm still super glad you're doing this on Sundays. I romanticize the idea of farm life(not so much the hard work involved), and I'm fascinated by the minutiae of running all businesses(including farms), so I thoroughly enjoy episodes like this. Thank you.
👍 Good morning.
Thanks for the video. 🙌🙌👍🙏☝️
Love the Sunday chat! Wanting to startup our business these details and discussions are super helpful. I realize it’s a different state but there are things you mention that I didn’t think about. Thank you! Please continue with these.
Wow I actually love doing my taxes ... Thank you so much for the info unfortunately I live in AZ and the taxes seem very different but I may check that out before that move..😀
Great video. A lot of helpful information
A few things for your consideration. The sales tax issue goes both ways in many states that otherwise tax agricultural products. Many states exempt small farms from collecting sales tax. In some states, what is and is not subject to sales tax collection is as clear as mud….so when/where small farms are exempt, that is a pain in the butt removed. Personally I think the LLC is the only way to go for a small farm. The other two choices have lots of traps that most people won’t recognize until caught in one. Also a lot of folks don’t read the fine print on their liability policy. The way courts assign contributory negligence these days plays right to loop holes in insurance. While not always practicable, a growing trend in shielding small farms is to separate the primary dwelling and non-ag land as a separate parcel that is not part of the farm operation. When it comes to a gross sales requirement, some states now count ag product donations to charitable organizations, such as a church run food bank. Also you should mention that major improvements (whether existing or newly erected) and expensive equipment, while not subject to being expensed, should be depreciated based on the cost of acquisition and what category of depreciable assets they fall into.
Questions I have had for a long time answered here, for that THANK YOU ! I am way behind, but couldn't have stumbled on a better video to start catching up with! Details are amazing you share, very informative and interesting! Thank you very much!! Will catch up soon!
Idea for SFS: How to start marketing your products. How do you let the public know what you have? Online, newspaper, word of mouth?
Nice video Pete an idea for a future small farm Sunday video I'm also in New York I'm interested in the USDA small farm poultry processing exemption you had mentioned that you had to follow a few sanitary protocols and that you have a butcher shed I was wondering if you could go over what some of them basic sanitary procedures are so I know thank you very much
Great suggestion on sales tax exemption... Fixing to buy a mower for my lands....Gracias!
Thank you for these very informative and useful Sunday videos on farm business.
Very informative video! Thanks Pete!
Great info. I like this Sunday talk. Keep up the good work.
As a business person you need advisers - Banker, Insurance broker, Lawyer, Financial adviser/ accountant/ tax planner. Consider these folks as part of your business team. Yes is costs money, but in the long run it will save you more money and protect you from making large costly business mistakes. That is true for any business not just a farm but you should be looking for advisers that have experience with the field of business your in. JMHO
Trying to keep it simple. For anyone that starts farming. You can just add a schedule f to your 1040 ez and you can deduct your start up expenses as a loss against your income from your other sources of income. You can only deduct those losses for a few years maybe 3 out of 5 years( can't remember exactly), but you have to show a profit in two years to have it not classified a hobby. You need to have a good record system to record farm income and farm expenses vs family living expenses that are non-deductible and keep all receipts. You have to be able to prove you were trying to make a profit of you exceed the 3 out 5 years of losses. Setting up depreciation schedule is highly important also especially with building infrastructure and ag is basically the only industry with intermediate assets. I haven't ever had seperate checking or another entity, but maybe in time. It's probably wise to have an llc if selling direct to the consumer that I don't do. The sales tax exemption is important also and property tax exemption also. Every state and county has different requirements.
Cool thanks 😊
Good video pete
Thanks for the great help I love the information
Thanks Pete! Great Topic. Very informative!!!
In Michigan there is a Agricultural property tax exemption from some school taxes. Can save hundreds if not thousands in tax dollars. You must be using at least 50% of your land for an Ag purpose. Contact your local Assessor for the application and more info.
Good info. Thanks
Great info, thanks Pete.
Very informative and well presented.
Pete, you are paying too much in taxes if you are a LLC. If you changed to a S-Corp you can take about 40% of your pay as profit distributions which are exempt from payroll taxes. This will save you 15% on that 40% of your pay. All you have to do to qualify for S-Corp distributions is take a nominal weekly salary. I was a LLC and changed to an S-Corp.
While the sales tax exemption is a smart thing to apply for, its helpful to know the big picture behind it. Lets assume for a second that both eggs and chicken feed is taxable in NY. That means the farmer is supposed to charge sales tax on eggs and then remit that sales tax to NY. If the farmer paid sales tax on the chicken feed AND remitted the sales tax they collected on the eggs, NY would get paid on both in input of production (feed) and the finished production (eggs). Since (well not yet anyway) there is no value added sales tax regulation, the exemption is to avoid this condition.
Small farmers NEED to be competent on legal, tax, and licensure issues - these are roadblocks that are set up to keep out competition from the big guys who have paid professionals who know this stuff backwards and forwards. It IS a competitive world out there and these days you have to wear a lot of hats to stay in the ring...
If a person is serious about owning a business, any business, they should have three relationships. A lawyer, banker and an accountant. The internet is great, but nothing beats long term personal relationships. If someone runs into your truck on the way to farmers market and ruins a whole truckload of product, Legal Zoom is not going to be much help. You run your business on a cash basis, but no website knows that. A long term banking relationship can smooth your finances immensely. Now you might be good at accounting and can avoid having one, but it's nice having a good financial mind reviewing your business plan on regular basis.
Over 40 years I've had it all. From a sole proprietorship to an LLC to management at a major corporation and these relationships have been a valuable asset. The money I spent with them has returned itself many times.
Move to Texas we have a better weather and affordable land .
We use the LLC
We 🔪 📎 clipping any dex 🍒testeez 🐮 🐮🐐 on Sunday
If you don’t have bearded ladies eating fire, midgets getting shot out of cannons and pigs riding tricycles, your leaving money on the table! 😎
Be a destination farm!
Thanks 👍
When you do the sales tax in ohio you need more then 10 acres or dedicate 3 years to it and make 2,500 or more each year to qualify with what land you do have to do this. Unfortunately I don't fall into this category yet... even though I'm farming rented land and raising hogs and have egg layers selling eggs. I just gotta keep plugging away until I'm making this off of my place
Are you sure about that? I googled Ohio's rules and they seemed very similar to NY's for sales tax exemption. There was no minimum acreage or farm gross income requirements.
@@JustaFewAcresFarm I looked it up said 10 acres or make over 2500 a year off how much land you have for a minimum of three years to be enrolled in it. I'm not saying I'm right I'm still learning at this and I may be wrong. Loved the video really opened my eyes to everything
@@JustaFewAcresFarm In Indiana only purchases related to direct production of commodities are exempt. We have no acreage or income minimum.
@@tweek857 I believe those requirements are for the property tax exemption.
Yes Restoration, as a fellow Ohioan, as Pete says, you are confusing the CAUV (current agricultural use valuation) valuation of real estate with what you call "sales tax".
Need help figuring out how to afford feed. We grew our own chickens and turkeys but so far it’s not worth the cost of feed. Love the show!
great video pete!
Great content!
How would you go about processing chickens ? Should you get all said equipment first. (I.E. plucker,stainless steel tables,etc.)
Regarding infrastructure upgrades....when do you list that as an expensive or a depreciable asset? Thanks for another great video!
Good information!
I’m in the process of saving up to buy some equipment and then land
Pete, is that moss covered tractor in the opening possibly next winter’s restoration project? Just wondering..
Love your videos. From upstate NY as well, about 25 minutes outside of Albany. Do you need an LLC to sell produce at farmers markets or can any gardener sell their crops there? Thank you!
👍👍👍👍
Nice video Pete
In a future video pete you could bring up how you designed your egg mobiles and chicken tractors 🐓
If you search back in the videos there is a great one he did discussing the two eggmobile versions he did. He also has one or two discussing the Salatin style tractors he uses.
What size of farm makes it no longer a small farm? 200 acres ???
Is that an old Grassroots mug?
You mention that it's important to keep farm finances separate from personal finances. I would assume that would get complicated: who pays the monthly utility bill, you or the farm, since I guess it comes as one monthly bill? Does the "farm" pay you a "salary" and if so, how do you determine what that salary is each year? Obviously, I'm not asking for specifics but rather the method of determination.
Hope this year we get to watch more butchering on your far especially during chicken and Turkey time?
Sorry, we won't be showing butchering. Too many liability issues.
@Jessica Payne I watched “Hale family Homestead” and they do it pretty uniquely. Thank you for the advice
For the $10k annual revenue each year, I’m assuming that’s gross sales?
Question for possible Sunday chat.. do you use a rural water system or do you have your own well? in NW Iowa you need to get permission from the Rural Water board if you want to drill your own well.
Maybe for one your small farm Sunday talks you could give your opinion on investing in farmland. I read that Bill Gates is now one of the largest owners of farmland in the USA. Do you think investing in farmland will help or hurt small farms?
Hello Pete. We love your videos and we have a question about how to find our first Dexters to start our own heard. We are in Central Kentucky but are having problems locating quality dexter‘s. Could you give us some ideas on where we can go?
Like #374
Thanks for the video!
Do you "employ" the kids to get them to take part in the farming? How much involvement or interest do they have in the daily operations or the planning / management / paperwork side of things? Do you think they'll continue the farm business?
So, you mention keeping your personal finances and business finances separate. So as you're building your farm before money comes in; where does your farm get money from? I can transfer funds to a business account so that way the farm accounts have funds to make purchases but is that truly keeping your finances separate?
I'd like to hear your take on how you pay yourselves from farm income. I don' t mean that to sound snarky. I've just always had trouble figuring it out. Do you calculate in a per hour rate into your sales, or figure a take at the end of the month/week/etc?
What does an LLC Business plan look like? How do you incorporate all of these Farmer's Markets? We have had markets just opening now after a year. How do you adjust for Covid?
Do they allow loud laughing in Hawaii, or just A Low Ha?
Good content - should you put a disclaimer about “tax advice” ?
Pete how do you document the renting for a $1/ yr. is it a contract that you do between yourself and your business or is it just under your expenses. I am curious about the best way to document that. Thanks!
Thanks for the info. Do you have a recommendation on a insurance provider for poultry. I’m not in new York. I have made a lot of calls about processing birds and keep getting laughed at
WITH YOUR KNOW WOULD THAT BE YEA OR NO
Would a county or your county test the soil for you or do you hire a company, or do they do it out of a third party organization?
Do you need to pay Life insurance on the cows too ? Sounds like you have to get insurance just to think about farming .
No, of course you don't need to, but our insurance covers us should any livestock die. It's a farm loss and it makes sense to be insured for it.
@@JustaFewAcresFarm lol 😆 😂 🤣 😄
my moms an accountant/ book keeper so if my family buys a farm we are good (or if i buy one when i am of age)
What is one thing you didn't do at start up of the farm that you wish you did?