Do you need a resource to answer those tough farm tax questions? If so, you can access the Farmer’s Tax Guide (IRS Publication 225) online at: https://www.irs.gov/pub/irs-pdf/p225.pdf The 2020 Farmer’s Tax Guide explains how federal tax laws apply to farming. This guide can be used as a guide for farmers to figure taxes and complete their farm tax return.
From: Ward, B. 2020, Dec 1, Farmer’s Tax Guide- Tax Guidance for Your Farm Business, Ohio Ag Manager, Farmer’s Tax Guide- Tax Guidance for Your Farm Business | Ohio Ag Manager (osu.edu)
Digital technologies today are shaping how we do business and how we conduct our personal lives. Smart phones, iPads, tablets, and other devices are used daily by people of all ages around the globe. Precision agriculture (PA) technologies are also now common on farms. Farm machinery comes from the manufacturer with technologies already embedded including internet connection capabilities already installed. This abundance of technology is capable of collecting large volumes of data for a field.
From OSU Factsheet FABE-555, Developing a Farm Digital Strategy 1 – Introduction
This fact sheet is part of a 3-part series examining digital technology in agriculture and considerations for farm managers. Links to all three are below.
Developing a Farm Digital Strategy 1 – Introduction
Developing a Farm Digital Strategy 2 – Precision Technology and Data Generation
Developing a Farm Digital Strategy 3 – Data Management Considerations
Questions often arise as to what constitutes a fair rental price. Since there is not a commercial market for pasture, determining the price often becomes a matter of bargaining. Supply and demand is probably the most important factor in determining the price. If there is a large quantity of pasture available in a given area and very few farmers needing extra pasture, rents may be low. Likewise, if there were little pasture acreage for rent but many farmers needing extra pasture, rents may be bid higher.
From OSU Factsheet, Establishing a Fair Pasture Rental Rate, FR-8, By Jeff Fisher and David Mangione.
This is a good source for information if you are in discussion for pasture rental agreements and seeking guidance on setting a price.
Farming is a complex business and many Ohio farmers utilize outside assistance for specific farm-related work. This option is appealing for tasks requiring specialized equipment or technical expertise. Often, having someone else with specialized tools perform a task is more cost effective and saves time. Farm work completed by others is called “custom farm work” or more simply, “custom work.” A “custom rate” is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider.
This publication reports custom rates based on a statewide survey of 377 farmers, custom operators, farm managers, and landowners conducted in 2020. These rates, except where noted, include the implement and tractor if required, all variable machinery costs such as fuel, oil, lube, twine, etc., and the labor for the operation.
(Source: Custom Rates and Machinery Costs, https://farmoffice.osu.edu/farm-mgt-tools/custom-rates-and-machinery-costs, accessed on Oct. 5, 2020)
Link to ‘Ohio Farm Custom Rates 2020’
Link to OSU Custom Rates and Machinery Costs Website