Master Your Farm Finances: Bookkeeping, Budgeting, and Tax Tips Webinar
Sign up for Webinar Running a farm is no small feat. Your days are packed with tasks that demand your attention. But one area that can’t afford to be overlooked is your farm’s finances. That’s why we’re hosting an upcoming Advanced Farm Financial Management Webinar on January 21st from 6:00-7:00 PM—a dedicated session to help you take your farm to the next level. Keeping your finances in order is not just a best practice; it’s a necessity for every farmer aiming to grow their business. Our friends at the American Farm Bureau Federation found that over 140,000 U.S. farms were shut down between 2017 and 2022, and another 5,000 stopped operations from 2022 to 2023. Whether you’re preparing for tax season, applying for grants, or simply trying to understand if your farm is truly profitable, financial clarity is key. In this webinar, we’ll help you take your farm’s financial management to the next level with strategies for tracking cash flow, assessing profitability, and closing your books monthly to stay organized and ahead. Why Keeping Your Finances in Order is Crucial For many farmers, managing finances is intimidating. You didn’t get into farming to crunch numbers—you’re here to grow food, raise animals, and cultivate the land. But if your finances aren’t in order, it’s like building a house on a shaky foundation. Financial disorganization can lead to costly mistakes, missed opportunities, and unnecessary stress, which you can’t afford with tax season around the corner. According to the USDA, only 39% of small farms and 46% of medium-sized experienced positive income in 2023. How’s your farm looking? Keeping track of income and expenses is one of the most important aspects of running a successful farm. It’s not just about knowing how much money is coming in or going out. It’s about understanding where your resources are being spent and finding areas where you can save or reinvest. For instance, categorizing expenses properly—like knowing which purchases fall under farm equipment versus operational supplies—can make a big difference when it’s time to file taxes or apply for loans. Our marketing team wants us to put a disclaimer in here to say we are NOT CPAs, we’re just really good at the numbers. Our webinar series will cover the basics of organizing transactions, keeping personal and business expenses separate, and building financial statements like Profit & Loss reports, Balance Sheets, and Cash Flow Statements. These are the tools that let you see the bigger picture and help you make smarter decisions for your farm. Relieve Tax Season Stress Before It Starts Tax season has a way of sneaking up on all of us, and for farmers and ranchers, it comes with its own unique challenges. With filing the Schedule F (Form 1040), deductions to claim, and depreciation to calculate, it’s no wonder taxes can feel overwhelming. But the good news is that with a little preparation, tax season doesn’t have to be a source of anxiety. Form 4562 (Depreciation and Amortization) helps you deduct the depreciation of your farm assets, like equipment, over time. We’ll guide you through filling it out to ensure you get the most savings and stay on track with your taxes. One of the key takeaways from our webinar series will be how we help our farmers and ranchers get ahead of tax season. This includes understanding forms like Schedule F (Profit or Loss from Farming), which is also part of Form 1040, organizing your receipts and invoices, and tracking depreciation on your equipment. We’ll touch on the importance of working with professionals who understand farm-specific tax rules. While we’re NOT CPAs and can’t file your taxes for you, our team at Good Agriculture specializes in helping farmers manage their books, making it easy to file with a CPA or a tax filing software like TurboTax. Yes, we prepare the paperwork for our Essentials and Premium Financial Services customers, and they take it to file with a CPA. We make it that easy because we understand how daunting it can be. Whether it’s ensuring your records are accurate or providing insights into cash flow, we’re here to lighten the load. IRS Schedule F Form Sign Up Here! Take the First Step Toward Financial Clarity The Advanced Financial Management Webinar is more than just an informational session; it’s a chance to take control of your farm’s financial future. We’ll break down complex topics into easy-to-understand steps, leaving you equipped to tackle your finances with confidence. Whether you’re just starting out or looking to improve your current systems, this webinar will provide the foundation you need to succeed. Don’t let financial stress hold you back from building the farm of your dreams. Join us for this valuable session and see how Good Agriculture can support you every step of the way. Don’t know where to start? Sign up to get tips on getting your farm finances in order before the end of the year. How We Help Agribusinesses Managing a farm’s finances might seem like an uphill battle, but you don’t have to do it alone. At Good Agriculture, we’re dedicated to helping farmers like you focus on what you do best—farming—while we handle the back-office work. Our services are designed to do the bookkeeping and financial management for your farm so you can spend less time stressing over spreadsheets and more time growing your operation. Here’s how we help our farmers, ranchers and agribusinesses: Basic Bookkeeping: We’ll keep your books organized, categorize your expenses, and ensure your records are accurate and up to date. Financial Insights (Essentials and Premium): Our team can help you analyze your data to uncover trends, identify cost-saving opportunities, and plan for the future. Tax Preparation Assistance (Essentials and Premium): While we’re not accountants, we’ll ensure you have everything in place for a smooth tax filing process. From organizing your documents to tracking deductions, we’re here to help you stay ahead. I Want a Free Financial Services Consultation If you know your farm needs help, but you’re
Farm Accounting Basics Webinar
Our hearts go out to everyone impacted by the devastation of Hurricane Helene. While the webinar was recorded before the storm, we are deeply committed to supporting our farming communities, and we’ve included links to relief efforts in the article to help those who need it most during this challenging time. Included Links to Our Relief Efforts https://youtu.be/6dmTHCozFxI?si=5gdZTvHmp3JMA-OT Let’s be honest—bookkeeping isn’t exactly the part of farming that gets your boots muddy or your hands in the soil. But managing your farm’s finances is just as crucial as planting and harvesting. If you’re tired of receipts piling up, using pen and paper for bookkeeping, or cringing at tax time, we’ve got something to make your life easier. We recently hosted a Farm Accounting Basics Webinar where we broke down the fundamentals of farm bookkeeping in a way that makes sense and won’t put you to sleep. We aren’t CPAs, so we don’t speak in numbers, we just translate them. This is about making sure your farm thrives. Whether you’re preparing for tax season, applying for a loan, or just want to know if you’re actually making money from all your hard work—understanding the basics of farm bookkeeping is key. If you’re still not sure where to start, or have a question, shoot us an email and we can help. We have a 40% off first three months of bookkeeping special until October 12. If you’re not sure if you want to start, but you want to see if we can help your farm’s finances, book a 15-minute call where you talk with the team to see how we can help. Send us an Email Book a Free Consultation What You’ll Learn We covered everything you need to organize your finances and set your farm up for success. We talked about how to categorize income and expenses (because not everything at Tractor Supply fits neatly into one box), and why keeping track of personal vs. business expenses matters more than you’d think. Plus, we walked through Profit & Loss Statements (yep, that’s your trusty Schedule F), Cash Flow Statements (because running out of cash in February is never fun), and Balance Sheets (the tool that lets you peek into the long-term health of your farm). It’s all about understanding where your money goes and how to make it work better for you.. Bonus Content We also touched on depreciation and loan management—two topics that often confuse even the most seasoned farmers. We broke it down so you can confidently manage your assets and debts, and make the best decisions for your farm’s future. National Farmer’s Day Special We aren’t tax professionals, but we do help you get your bookkeeping in order to ease into a smooth tax season. We’ve got a special offer just for farmers—sign up for our Financial Management service and get 40% off your first three months, offer ends October 12. Here’s why our farmers stick with us: we save them time (5-10 hours a week) and boost their bottom line (on average, our farmers are 5% more profitable). Fill out the form below, and let’s make this tax season the smoothest one yet! Get Started Today
Recovering Together: Supporting Farmers Affected by Hurricane Helene
We know these past few weeks have been incredibly challenging for those affected by Hurricane Helene. To help ease the recovery process, we’ve tagged links to essential resources within this post, offering support and relief options for farmers and communities impacted by the storm. As Helene swept through Georgia, Florida, South Carolina, North Carolina, Tennessee, Virginia, and beyond, it left a devastating path in its wake. Farms, homes, and livelihoods have been turned upside down, and we want to extend our deepest sympathies to everyone affected. You are not alone in this. At a time when rebuilding seems overwhelming, community support is more important than ever. That’s why we have a resource list, thanks to the Regenerative Farmers of America and American Farmland Trust for compiling the list of information. Whether you need help replacing lost equipment, restoring damaged land, or just need support navigating the complexities of recovery, these resources offer a solid starting point. Florida Disaster Unemployment Assistance Florida Disaster Nutrition Assistance Florida Disaster Recovery Loan Program Mental Health Resources Georgia Georgia Farmers Fund Georgia Hurricane Response Resources Reporting Crop Damage North Carolina Emergency Programs – Disaster Information Emergency Unemployment Assistance Food and Nutrition Services North Carolina Individual Assistance South Carolina Clemson University Hurricane Relief Resources South Carolina Emergency Management Services SCBAR: South Carolina Legal Help Tennessee University of Tennessee Resources Volunteer Tennessee Hurricane Relief Resources Nashville Disaster Relief Resources East Tennessee Resources Virginia Virginia Disaster Relief Fund Virginia Emergency Support Team Virginia Tech Relief Resources Virginia Voluntary Organizations Active in Disaster Resources This isn’t just about rebuilding structures—it’s about restoring the land you’ve worked so hard to cultivate, and finding ways to keep moving forward. The farming community is one of resilience and strength, and together, we can rise from this disaster stronger than ever. In addition to the resources we’ve already listed in this article, several additional relief programs and extensions have been put in place to help those affected by Hurricane Helene, especially in the hardest-hit farming communities. Here are a few key updates: IRS Filing Deadline Extension: For those in areas impacted by the hurricane, the IRS has extended the tax filing deadline to May 1, 2024. This extension provides much-needed extra time for farmers and business owners to gather important documents and recover without the pressure of the usual tax deadlines. These are just a few additional efforts available to help you get back on your feet. Be sure to explore the other relief resources we’ve tagged throughout this post for more information and support specific to your area. Check out the full list of relief resources below, and don’t hesitate to reach out if there’s anything more we can do to support you during this difficult time. Stay safe, stay strong, and know that we’re here with you every step of the way. USDA Disaster Assistance Programs