#23 Assessing Your Market Potential
Back to the Guide to Farming Table of Contents>> Market Analysis: What is my Target Market? A target market is a well defined group of customers. Markets can be found within any broad category: consumers, businesses, industries, institutions, etc. Consumer groups, for instance, can be characterized by demographics, geography, lifestyle, values, leisure, or occupation. Business … Read More
#22 Property Tax Exclusions for Farm Buildings
Back to the Guide to Farming Table of Contents>> NYS Real Property Tax Law Section 483 – Production and Storage Facilities Structures and buildings essential to the operation of agricultural and horticultural enterprises and used for such purpose are exempt from property taxes for a period of 10 years (constructed or reconstructed between 1969- 2019). … Read More
#21 Ag Value Assessment for Farmland
Back to the Guide to Farming Table of Contents>> Agricultural Assessment Agricultural assessment allows eligible farmland located in or outside agricultural districts to be taxed at its agricultural value rather than market value. Why apply for agricultural assessments? It can make a difference in the amount you pay in property taxes. You will be paying … Read More
#20 Agricultural District Law Provisions
Return to the Guide to Farming Table of Contents>> Agricultural Districts Article 25-AA of Agriculture and Markets Law authorizes the creation of local agricultural districts pursuant to landowner initiative, preliminary county review, state certification, and county adoption. Most counties have placed agricultural land in state certified agricultural districts. While they are county-created and state-certified, towns … Read More
#19 Payroll and Worker Documentation
Return to the Guide to Farming Table of Contents>> Employee or Independent Contractor Hiring labor in the State of New York imposes high liabilities and paperwork burdens on the employer. Because of this, employers may be tempted to classify their workers as independent contractors, but a person is only an independent contractor when they are … Read More
#18 Labor Laws
Return to the Guide to Farming Table of Contents>> Workers’ Compensation Insurance Employers are required to have workers’ compensation insurance on their workers if cash wages exceeded $1,200 in the preceding year. Coverage must be obtained effective April 1st of the year immediately following the year where the farm had $1,200 of payroll. If you … Read More
#17 Sales Tax Exemptions/Refunds
Return to the Guide to Farming Table of Contents>> Farm operations are exempt from paying sales tax on items used in the farming operation. None of the exemptions are automatic. You must either present an exemption certificate to the vendor when purchasing products or you can claim a refund if you have evidence to show … Read More
#16 Income Taxes
Back to the Guide to Farming Table of Contents>> Federal Income Tax Schedule C or F When you sell livestock, produce, grains, or other products, the entire amount you receive and the costs associated with its purchase and production should be reported on a Schedule F income tax form. If your business activities were non-agricultural, … Read More
#15 Record Keeping
Back to the Guide to Farming Table of Contents>> Record Keeping is Good Business At a minimum your farm will need a record keeping system for tax and legal compliance and it is highly recommended that you also keep yield and other farm production records that might be useful to making decisions on the farm. For … Read More
#14 Making Money
Return to the Guide to Farming Table of Contents>> How Will You Know if Your Operation is Making Money? Cash Flow, Net Worth and Profit – These are the three pillars that sustain a business, and all you need for a business to thrive in the long run. Cash Flow tracks the cash dollars into … Read More