Financial and Production Record-Keeping and Taxes

Balance sheet and record keeping

Ag Lenders Seminars 2025

| Nanette Neal

Registration is now OPEN for the 2025 Ag Lender Seminars by OSU Extension.

A great lineup of speakers, professional development, and networking.  Please check out the 2025 Featured Speakers, Agendas, and Registration pages for more details.  Time of day for Seminars is 9 am to 3 pm. Dates and location addresses are listed on each site-specific agenda and provided here:

October 14 – Ottawa, OH -Putnam County Educational Service Center, 124 Putnam Pkwy, Ottawa, OH  45875

October 16 – Urbana, OH -Champaign Co Community Center Auditorium, 1512 U.S. Hwy 68, Urbana, OH 43078

October 16 – Washington CH, OH -Fayette County Extension Office, 1415 US Hwy. 22 SW, Washington Court House, OH 43160

October 21 – Wooster, OH – OSU CFAES Fisher Auditorium, 1680 Madison Ave., Wooster, OH  44691

More details at: https://u.osu.edu/aglenderseminars/

SBA Relief Still Available to Ohio Small Businesses and Private Nonprofits Affected by September Drought

| Nanette Neal

Deadline to apply for economic injury loans approaching

ATLANTA—The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Ohio of the June 2 deadline to apply for low-interest federal disaster loans to offset economic losses caused by the drought beginning Sept. 24, 2024.
The disaster declaration covers the Ohio counties of Adams, Brown, Butler, Clermont, Clinton, Coshocton, Guernsey, Hamilton, Highland, Holmes, Knox, Licking, Montgomery, Muskingum, Pike, Preble, Scioto, Tuscarawas and Warren and Dearborn, Franklin, and Union in Indiana as well as Boone, Bracken, Campbell, Kenton, Lewis, Mason, and Pendleton in Kentucky.

Under this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster, even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs, with terms up to 30 years. Interest does not accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

To apply online, visit sba.gov/disaster. For more information on SBA, applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov.

OSU Extension offering virtual Farm Transition and Estate Planning Course in February

| Nanette Neal

If you and your family are grappling with the critical issue of transitioning farm operations and farm assets to the next generation, OSU Extension is here to help. Producers are encouraged to attend a four-evening virtual “Planning for the Future of Your Farm” workshop on February 3, 10, 17, and 24, 2025, from 6:30 to 8:00 p.m. via Zoom.

This workshop challenges farm families to actively plan for the future of the farm business. Learn how to have crucial conversations about your farm’s future and better understand the strategies and tools that can help you transfer your ffarm’sownership, management, and assets to the next generation. We encourage parents, children, and grandchildren to attend together to develop a plan for the future of the family and farm. The teaching faculty for the workshop are David Marrison, an OSU Extension Farm Management Field Specialist, and Robert Moore, an attorney for the OSU Agricultural & Resource Law Program.

Pre-registration is required so that a packet of program materials can be mailed to participating families in advance. Electronic copies of the course materials will also be available to all participants. The registration fee is $99 per farm family. Register by January 24, 2025, to receive course materials in time. Register at go.osu.edu/successionregistration. If you have questions about the workshop, do not hesitate to contact David Marrison at marrison.2@osu.edu or 740-722-6073.

Ohio Forage and Grasslands Council to Meet in Reynoldsburg, Ohio

| Nanette Neal

The Ohio Forage and Grasslands Council will be hosting their Annual Meeting on Friday, February 7, 2025 from 8:30 a.m. to 3:15 p.m. at The Ohio Department of Agriculture (8995 East Main Street, Reynoldsburg OH 43068). This meeting serves as an opportunity to interact with forage growers of all backgrounds and interests and share with each other. Along with socialization you can listen to intriguing presentations, interact with vendors of forage growing supplies, and enjoy a delicious lunch.

The Ohio Forage and Grasslands Council is Ohio’s commodity organization for pasture and hay crops. The Ohio State University partners closely with the Ohio Forage and Grasslands Council to support forage education, research, and outreach throughout the state. It is the only organization of its kind, bringing together farmers, conservationists, academics, industry representatives, and service personnel into a shared environment to converse and build relationships that lead to more productive forage and grassland ecosystems and more profitable farm operations. The Ohio Forage and Grasslands Council is the state affiliate organization of the American Forage and Grassland Council. Ohio members are automatically extended membership to the national level for even more networking opportunities and learning experiences.

The 2025 meeting theme is “Feeding Forages ↔ Forages Feeding Us” and will feature information on how to manage forages following a record drought year, cutting edge research from The Ohio State University, producer insights from local hay, beef, and dairy farmers, information on solar grazing with sheep, special guests from the Nature Conservancy, and a session on hot topics in the forage industry.

Keynote speakers will include Dr. Chris Teutsch- Forage Professor from The University of Kentucky, new State Extension Forage Specialist- Dr. Emma Matcham, Dr. Marília Chiavegato- Agroecosystem Management for Food System Resilience Professor at The Ohio State University, Dr. Camren Maierle- Sustainability Director for the American Lamb Board, Jessica D’Ambrosio- Ohio Agriculture Project Director for the Nature Conservancy, and more!

Service and achievement awards will be announced at the annual meeting. There will also be opportunities to socialize with your peers and to visit with vendors of related agricultural products at the event.

Registration for members is only $40 and can be completed online at: https://ohioforage.com/annual-conference/

Not a member of OFGC? Not a problem. All people interested in pasture management and forage production are welcome to attend. Registration is due by January 31, 2025.

Paper registration can also be secured and submitted by contacting OFGC Executive Secretary- Gary Wilson at osuagman@gmail.com or 419-348-3500.

The Ohio Forage and Grasslands Council Annual Meeting is an opportune time to pick up inspiration for ways to improve pasture, hay, and livestock systems. Hearing the experiences of others is one of the best ways to find motivation to make changes for the better on-farm. Share your experiences with an OFGC board member and maybe you will be on the speaker list in future years!

2025 Farm Office Live Winter Series

| Nanette Neal

The farm office team is excited to release the dates for our 2025 Farm Office Live winter series and invites you to put a placeholder on your calendars for these events. The webinars will be held on Fridays from 10:00 a.m. to 12:00 noon on:

  • January 17
  • February 21
  • March 28 and
  • April 25

You can sign up for these webinars (and find past recordings) at: https://farmoffice.osu.edu/farmofficelive

Below are details for the tentative agenda for the January 17, 2025 edition

    • Legislative Round-Up
    • Farm Business Analysis Program Update
    • Long-Term Care Update
    • Quarterly Fertilizer Update
    • Crop Input Outlook
    • Livestock Outlook
    • 1099 Reminders
    • Farm Policy & Farm Bill
    • Winter Program Update

Coffee and Grain Marketing with Dr. Seungki Lee

| Nanette Neal

OSU Extension invites grain producers and industry personnel to save the dates for the quarterly grain market conversations with Dr. Seungki Lee, Assistant Professor in the Department of Agricultural, Environmental, and Development Economics (AEDE). These quarterly zooms will be held on February 14, May 16, August 15, and November 14.  Each Zoom will be held from 7:30 – 8:00 a.m.

During these Zoom webinars, Dr. Lee will provide his insights on the World Agricultural Supply and Demand Estimates (WASDE) crop report. “These early morning webinars will be a great way for Ohio farmers to learn more about the factors impacting the corn, soybean, and wheat markets,” said David Marrison, Interim Director for OSU Extension’s Farm Financial Management and Policy Institute.  Producers are encouraged to bring their questions to this early morning conversation.

CoffeewithSeungkiLee2025

There is no fee to attend this quarterly webinar session. Pre-registration can be made at go.osu.edu/coffeewithDrLee

These webinars are sponsored by OSU Extension, the Farm Financial Management & Policy Institute (FFMPI), and the Department of Agricultural, Environmental, and Development Economics (AEDE).

Winter 2025 Beef Programs

| Nanette Neal

Upcoming Beef Programs are available across multiple platforms, including Zoom and in-person.

 

2025Beef School Graphic  – 6:30 pm via Zoom Register at go.osu.edu/beefschool25

  • January 29 – Beef Market Outlook
  • February 26 – Post Drought Pasture Management & Annual Forages as Supplemental Feed
  • March 26 – Why are my Cows Open? & Open Cows – Keep or Cull
  • April 30 – Implementing Genomic Testing on Your Farm & Heifer Development-What Have We Learned

Holmes 2025 OH Cow Calf Workshop – Flyer  – February 7  10 am – 2:30 pm

Reproduction and genetics are important factors for a cow-calf operation. Long-term investment in genetics plays a critical role in the development and management of a herd to ensure longevity. Join OSU Extension in Holmes County to discuss and demonstrate the practices that you might apply on your farm to improve your operation with regard to optimizing reproduction and cow-calf profitability.

Champaign 2025 OH Cow Calf Workshop – Flyer  February 28 10 am – 2:30 pm

Reproduction and genetics are important factors for a cow-calf operation. Long-term investment in genetics plays a critical role in the development and management of a herd to ensure longevity. Join OSU Extension in Holmes County to discuss and demonstrate the practices that you might apply on your farm to improve your operation with regard to optimizing reproduction and cow-calf profitability.

Regional Feed Lot Programs

2025 Southwestern Ohio Small Farm Management College

| Nanette Neal

Location: Wilmington College, Wilmington, OH

Dates: February 5, 12, 19, & 26, 2025

Time: 6:30 PM to 9:00 PM

Cost: $80 for the first family member.  Each additional family member is $40 per person.  Each family receives only one binder of resources.  Participants are expected to attend every session.

Registration: Pre-registration is required.  Registration deadline is January 31, 2025.

2025 Southwestern Ohio Small Farm Management College

Contact Information: Greg Meyer, (513)695-1853 or meyer.213@osu.edu

Syllabus highlights:

Session I:       February 5, 2025   Getting Started on Your New Farm Business

Session II:       February 12, 2025   You Can’t Measure What You Don’t Track (Farm Recordkeeping, Budgets and Taxes)

Session III:      February 19, 2025  The Legal Side of Small Farm Management

Session IV:       February 26, 2025 Money, money, money!  The Financial Side of Small Farm Management

Farmer and Farmland Owner Tax Webinar

| Nanette Neal

The December Edition of Farm Office Live will be a special edition focused on tax issues. This webinar will be held on December 6th from 10am to noon.

Are you a farmer or farmland owner wanting to learn more about the recent income tax law changes and proposals? If so, join OSU Extension Educators Barry Ward, Jeff Lewis, Robert Moore and David Marrison as they discuss issues related to farmer and farmland owner tax returns, tax planning in a low income/drought year, CAUV and property tax, the Residual Fertility Deduction and other income tax issues that may affect farmers and farmland owners for the 2024 tax season and beyond.

This two-hour program will be presented in a live webinar format via Zoom. Individuals who operate farms, own property, or are involved with renting farmland are encouraged to participate.

Register for this free webinar at https://go.osu.edu/farmofficelive

This Farmer and Farmland Owner Tax Webinar will focus on a number of tax issues listed here:

  • Farm Economy and Tax Planning
  • Tax Planning in Low Income/Drought Years
  • Beneficial Ownership Information (BOI) Reporting
  • Pending Sunset of Larger Estate Tax Exclusion Amount (Unified Credit)
  • Residual Fertility/Fertilizer Deduction
  • Clean Fuel Production Credit (I.R.C. § 45Z)
  • Current Ag Use Valuation (CAUV) Changes in 2024
  • IRC § 45Q – Credit for Carbon Oxide Sequestration
  • Farm Loan Immediate Relief Under Inflation Reduction Act: Income Tax Options Triggered by Corrected 1099s
  • Taxability of USDA Discrimination Financial Assistance Awards
  • Pending Expiration (Sunsetting) of other Tax Cuts and Jobs Act (TCJA) Provisions

Presenters include: Barry Ward, David Marrison, Jeff Lewis and Robert Moore.

Ohio State University Marketing Update on October 18

| Nanette Neal

 OSU Extension invites Ohio grain producers to grab a cup of coffee and join a grain marketing conversation with Dr. Seungki Lee, Assistant Professor in the Department of Agricultural, Environmental, and Development Economics (AEDE), from 7:30 to 8:00 a.m. on October 18, 2024. During this webinar held via Zoom, Dr. Lee will provide his insight on the October 11  World Agricultural Supply and Demand Estimates (WASDE) crop report and the current state of the Ohio grain market. “This early morning webinar will be a great way for Ohio farmers to learn more about the factors impacting the corn, soybean, and wheat markets,” said David Marrison, Interim Director for OSU Extension’s Farm Financial Management and Policy Institute. There is no fee to attend this webinar. Pre-registration can be made at go.osu.edu/coffeeandgrain. These webinars are sponsored by OSU Extension, Farm Financial Management & Policy Institute (FFMPI), and the Department of Agricultural, Environmental and Development Economics (AEDE), all located in The Ohio State University College of Food, Agricultural, and Environmental Sciences (CFAES). More information can be found at http://farmoffice.osu.edu.