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Farminar Jan-10 on Tax Preparation tips for farmers

January 12th, 2012 @ 11:55 am by Luke

On Tuesday January 10, 2012, the 2012 Winter Farminar Series began. 41 folks tuned in live to learn from farmer Jerry Peckumn and his accountant Leo Brooker, both of Jefferson, IA.

Attendees learned the potential tax savings of filing with a knowledgeable adviser to help take advantage of all the tax credits and techniques available to legally reduce tax liabilities for farmers.

Good recordkeeping was also stressed by Jerry including using a bookkeeping service if you don’t enjoy doing it yourself. Use cost accounting and cash to accrual conversions annually to really know how much the farm is making by looking at net worth overtime. Know how much you have in inventory from year to year and what the value lost from depreciating assets. Avoiding the temptation to make large capital expenditures and depreciate the full value of the asset in the first year was also encouraged as this might not lead the business to the best outcome over time.

Watch the complete recording of this session online now by clicking on this link!

Farminars continue to draw 25% of attendees from outside of Iowa and they have a committed, eager audience from around Iowa and as far away as Homer, Alaska!

Please join us next week for “Scale and Profit: a financial snapshot of three CSAs” Tuesday January 17, 2012.

 

 

Supported by the Beginning Farmer and Rancher Development Program of the National Institute of Food and Agriculture, USDA, Grant # 2010-49400-21843

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Land Contract Sales

December 13th, 2011 @ 2:27 pm by Luke

Are you looking to buy land on contract from a friend or relative? Do you want to buy land, but find that in your area landowners say that its too risky to sell to a beginner?

Consider utilizing a new government program to support sales of land on contract called the Land Contract Guarantee Program offered by the Farm Service Agency.

The Land Contract Guarantee Program by the Farm Service Agency will guarantee prompt payments to the land seller if you fall behind on payments for whatever reason for the first three years of the sale. A second option, instead, is a 90% guarantee on the principal of the loan from the federal government. These are favorable terms and we encourage you to use this program when negotiating land purchases with a retiring neighbor farmer, or a family member. The perceived “risk” of selling to a beginner is reduced with this program.

To apply or ask detailed questions, go to your local USDA Service Center/FSA office. Find Your Local FSA Office

Portrait of beginning farmer who used a sale on contract to purchase land.

Mark, a beginning farmer, purchased his farm from his mother by sale on contract.

 

For more resources on financing or business planning, go to the PFI Next Generation webpage and scroll to the bottom of the screen under the Resources heading.

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Frantzen field day held; discussion of succession, energy, and purchasing a farm acreage

September 26th, 2011 @ 2:10 pm by Luke

What does a beginning farmer need to do to get started with a small farm acreage? If you ask James Frantzen, of rural NE Iowa, near Elma, he may respond, “Plenty,” with a straight face and a serious gaze for a moment. Until a smile quickly breaks across his face vibrating from a hearty laugh from deep inside. “Enough to keep you out of trouble, anyways.”

James looked for years for a home nearby where his folks farm. In 2009, he purchased a property three miles up the road.”When I bought this place, it was a mess,” remembers James. “the previous owners kept nearly every kind of livestock except maybe a black bear.”

(more…)

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Next Generation Retreat – workshop with Richard Wiswall December 8-9, 2011

September 22nd, 2011 @ 12:22 pm by Luke

We hare pleased to announce Richard Wiswall will be the farmer facilitator for the 4th annual Practical Farmers of Iowa Next Generation Retreat.

From Noon on December 8th to Noon on December 9th, this overnight retreat will focus on how to create business plans that demonstrate budgets for profit.

“I get really excited about farm budgeting, because that is how you determine if you are making a living farming,” says Wiswall. “I love working with beginners to demystify business planning.”

Detailed agenda to be provided later this fall.

The Next Generation Retreat is only $20.00 for members of Practical Farmers of Iowa, and $50.00 for non-members. Bring a potluck dish for Thursday night’s meal as well as a set of your own linens/pillow.

TO REGISTER: Contact Luke Gran,  luke@practicalfarmers.org, 515.232.5661 by November 15.

TIME and PLACE: The workshop will be held Noon December 8th, 2011 to Noon December 9th, 2011 at Des Moines Y CAMP near Boone, 1192 160th Drive, Boone, IA, 50036. See http://www.y-camp.org/contact/ for a map to the location.

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The Beginning Farmer has a Field Day

August 18th, 2010 @ 3:05 pm by Luke


A cool, wet afternoon on a southern Iowa livestock family farm was the scene of an intimate farm tour led by Ethan and Rebecca Book. Beginning with a complimentary meal of farm meats freshly grilled, the tour extended over 4 hours. Eager participants didn’t let a little rain get in the way of sharing practical farm knowledge. 6 farms represented by 27 people attended to walk the land and learn the realities of a beginning small family farm.


Crooked Gap Farm offers pastured pork, and grass-fed beef direct to Iowa consumers. 36 months ago, they purchased land and began farming in earnest after years of reading, planning, and dreaming. Their vision is to have many direct and meaningful relationships with their meat customers for stable income and a business that fits their family dreams.


The Book family are choosing to grow their farm slowly and steadily despite the low interest rates and loan opportunities that abound. Ethan works a full-time and a part-time job to supply the family income, and makes room for farm chores before and after work.


Ethan Book, who works as a youth pastor among other jobs, loves to share his family’s story with other farmers.


Pigs


Hereford pigs, a listed breed on the conservancy group, are farrowed and finished on pasture with their 9 month turnaround from birth to slaughter is a great income source for Crooked Gap, and “wonderful entertainment” says Ethan.

Fencing


CRP conversion to grazing



Chicken Service




Rare breeds


All in attendance returned home a little wiser, recharged, reinvigorated, and prepared to apply lessons learned to their own farm.

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Savings Incentive Program Progress!

July 19th, 2010 @ 2:49 pm by Luke

We are doing really well as a result of the generous contributions by individuals, family foundations, and a few companies.

In just 2 months of asking we have raised nearly $60,000!!! Over half way to our $100,000 goal for 2010.
One of our donors told us recently, “I like SIP because beginners put their own money into it, they have skin in the game and that is what will make them successful.”
The Savings Incentive Program will help beginners raise capital, develop business and life skills to be successful. For two years, they will save up to $100 per month of their own money, write a business plan, meet with a mentor and attend PFI farmer-led events. After two years, PFI (with the support of hundreds of donors) will match their savings $1:$1.
Join the others who support healthful food, on diverse farms, making up a vibrant Iowa!
LG

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