Tag Archives: Farm Management

Time to Order your Farm Record Book

Gordon Groover, Extension Economist, Department of Agricultural & Applied Economics, Virginia Tech

Time to order your farm record book. As we enter the last quarter of 2015, it is time to order a new copy of the Virginia Cooperative Extension “Farm Record Book: Expenses and Receipts” (Publication 446-017). This 120-page record book provides an organized way of keeping track of annual financial, labor and personnel, and production-related records.   It provides forms for many categories of expenses, receipts, labor, and financial summaries to meet the needs of most agriculturally-related businesses using cash accounting methods.   Column headings are included for major items with some columns remaining blank for your own headings.  Forms are arranged to facilitate transferring totals to income tax forms (Schedule F, tax deprecation, and Form 4797) and to help complete end-of-the-year analysis. Virginia Cooperative Extension “Farm Record Book: Expenses and Receipts” is available from Virginia Cooperative Extension for $12.00. Call or visit your local extension office to order VCE Publication 446-017. If you want to order 446-017 online (there is an $8.00 shipping charge) visit https://pubs.ext.vt.edu/446/446-017/446-017.html for instructions. If you have questions contact me at (540) 231-5850.

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Dairy-Margin Protection Program (MPP)

Jeremy Daubert jdaubert@vt.edu, Rockingham County Dairy Extension Agent

It is time again to consider signing up for the Dairy-Margin Protection Program (MPP). This year’s election period runs through September 30th for the 2016 production year. Every farm that enrolled for 2015 will need to re-enroll before the deadline. You may enroll at a different coverage level than you did the previous year or at the same level. The chart below shows the premiums at each coverage level. The premium is per cwt (100 lbs of milk shipped) and is in addition to the $100 fee. Continue reading

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Virginia Tech Income Tax School

By L. Leon Geyer (geyer@vt.edu), Professor, Agricultural Law, Department of Agricultural and Applied Economics, Virginia Tech

 This year we offer three seminars: 1) Introductory Tax Preparation 2) General Income Tax and 3) CPA Ethics.

1. Introductory Tax Preparation Seminar

Two 1-day seminars offered as live instruction. These seminars are designed for those who wish to prepare tax returns and will focus on IRS form 1040. It is designed for those who are new to taxes, or those who simply seek a refresher course. Those interested can attend in Roanoke on Jan. 4th or Richmond on Jan. 5th. Please refer to www.tax.vt.edu for more information. Continue reading

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The Management Calendar

Gordon Groover, Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Listed below are a few items that might be of interest to farm business managers: Continue reading

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No Farmer is an Island

Peter Callan, Extension Agent, Farm Business Management, Northern District

In late May I had the opportunity to travel with a friend to visit the farm and ranch that she grew up on which is located 150 miles southeast of Calgary, Alberta. This is an area that has dry land farming and ranching where the stocking density is four cows per quarter section (160 acres). Within the last two months two disasters struck a fourth generation rancher/farmer and his family. Continue reading

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The Management Calendar

Gordon Groover, Extension Economist, Farm Management, Department of
Agricultural and Applied Economics, Virginia Tech

Listed below are the items that should be considered for inclusion on the farm business managers’ calendar for spring and summer of 2015:

  • Half the business year will soon be behind us and a six-month financial record check-up is in order.  Updating your records through the month of June allows you to quickly gauge financial progress by comparing the farm’s actual expenses and income to your budgeted amounts.  If you did not develop a budget, compare your mid-year expenses and income to half the items reported on your 2014 Schedule F.  Flag any items that are different from budgeted amounts.  These differences are not necessarily problems, just items that need to be examined and explained.

Continue reading

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The Management Calendar

Gordon Groover, Extension Economist, Department of Agricultural & Applied Economics, Virginia Tech

Listed below are the items to consider including on your spring 2015farm business management calendar. Continue reading

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Farmland Owners – Bad, More Bad, and Worst

Jim Pease, Professor, Agricultural and Applied Economics, Virginia Tech

The deadline for farmland owners to register program base acre reallocation and payment yield update decisions with USDA/Farm Service Agency is March 31, 2015. Many landowners will not understand the choices or will not make the effort to work with the cash tenant. “So why should I care – the payments all go to the cash tenant, not me.” True, but shortsighted. The rental rate and market value of farmland are based partly on the farm’s potential to generate commodity payments. If base reallocation and payment yield choices are not made, the value of the farmland may well be reduced. Continue reading

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Possible Negative Consequences for Producers from Extending Base Reallocation and Payment Yield Update Deadlines

James Pease, Professor, Department of Agricultural and Applied Economics, Virginia Tech

Although FSA has extended the deadline for commodity program base acreage reallocation and payment yield updates to March 31 for farm landowners, the agency has held firm to the March 31 deadline for producers to choose among ARC-county, PLC, or ARC-farm programs. If the landowner simply does not act by March 31, then covered commodity base acres and payment yields on the FSA farm will remain at their current values throughout 2014-2018.

However, this inaction creates a problem for some producers. The base reallocation and/or yield update landowner choice must be completed prior to the producer choice of program. If the landowner doesn’t act by March 31, the producer has no time to choose a desired commodity program. Without base reallocation/yield update actions by the landowner (either to retain or reallocate/update), producers will not be able to make a program choice, and will find themselves assigned to the no-action program choice – Price Loss Coverage for 2015-2018, with no 2014 payments. The payment consequences for producers are most obvious for crops such as soybeans, for which virtually no one has forecast a marketing-year average price below the Reference Price of $8.40 throughout 2014-2018. Producers should do whatever they can to ensure landowner base acre and yield update choices are recorded with FSA as quickly as possible.

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February Farm Bill Deadline for Landowners and Producers

Dr. Jim Pease, Professor and Extension Economist

February 27, 2015 is the last day that landowners or producers with landowner proxy can choose to re-allocate 2014-2018 farm program acres or update program payment yields. The deadline is fixed and will not be extended, and the choices made are irrevocable until after 2018. It is very important for both parties to evaluate options and take action now on desired options. Continue reading

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