Taking Care of Business (BF 103)
Understanding the Business, Tax, and Regulatory Implications of Your Farm
New farmers often ask “How does my enterprise officially become recognized as a farm?”, “What are the tax benefits for farmers?” and “What regulations do I need to comply with?” These questions, and many others, will be answered in this course.
Target Audience
Aspiring or beginning farmers living and/or farming in NYS and seeking to learn about the commercial, legal and tax implications of farming. This is an intro-level course. Farmers outside NYS can take the course, but should know that extra legwork will be required on the part of the farmer to determine the parallel agencies and regulations that apply in their state.
Course Objectives
At the completion of this course, you will know how to
- Describe how a farm is characterized by federal income tax, state income tax and sales tax law
- Differentiate between local zoning laws and NYS agricultural district law
- Apply using NYS forms for agricultural property tax exemptions for land and buildings used in your operation (if your farm meets certain criteria)
- Evaluate various forms of business ownership and determine which will be best for you at this time
- Identify rules and regulations (for marketing, food safety, facilities, etc) that are pertinent to the type of agricultural enterprise you plan to operate
Webinars
The bulk of the course happens on your own time, with discussions, readings, and assignments in MOODLE, our virtual classroom. To add to the experience, webinars will be woven into the online interface of the course to allow you to meet on a weekly basis to learn from outside presenters, ask questions, and collaborate with other participants and the instructor to address your farm issues in real time. Webinars are at 7pm on a weekday evening unless otherwise noted. If you miss one, they are always recorded and posted for later viewing.
Qualifying for Loans
If you are considering applying for a low-interest beginning farmer loan though the USDA Farm Service Agency (FSA), completing this course may help you qualify, if you meet other eligibility requirements. For farmers in NY who have already applied for an FSA loan and been told they need borrower training credit, all of our courses are pre-approved to provide you with this credit, if you complete all course requirements. For more information, visit the FSA Beginning Farmer and Rancher Loans website.
Instructors
Stephen Hadcock, Extension Educator with Cornell Cooperative Extension of Columbia County, NY and Lynn Bliven, Extension Educator with Cornell Cooperative Extension of Allegany-Cattaraugus Counties, NY.
Dates
This course will next be offered in March 2013. Registration will open in Jan. 2013.
Course Outline
- Week 1: Introduction to Moodle (our virtual classroom)
Topics covered: Navigating in Moodle, course expectations, student introductions - Week 2: How Should I Organize the Business?
Topics covered: Common business structures, alternative options, mission & vision - Week 3: Income and Sales Tax
Topics covered: Relevant IRS law, Farmers Tax Guide, NY Tax Law - Week 4: What is the NYS Agricultural District Law?
Topics covered: Zoning, ag districts, property tax exemptions for farmers - Week 5: Permits and Regulations
Topics covered: Online permit assistance, sales tax, Dept. of Ag & Markets - Week 6: Record Keeping and Wrap Up
Topics covered: which records to keep, options and resources, final Q&A
NOTE: This course in particular contains several lessons that relate specifically to NYS laws, so out-of-state participants may need to do additional research to determine the details of their state’s equivalent laws.
Cost and Registration
Course fee is $175. Registration will open in Jan. 2013.
