Most of the time, our Poultry Biosecurity tips revolve around increasing your bottom line. But what about keeping more of the money you've already earned? By taking advantage of farm tax credits, you can keep more of your hard-earned money, and by taking advantage of farm credits, you can even save money too. https://www.southlandorganics.com/blo...
Federal income taxes. Your farm's tax bill. Tax liability. If reading those terms made you cringe, you're not alone. But it doesn't have to be that way. For tips on farm taxes from a tax professional, check out our past videos on farm tax exemptions ( • Farm Tax Exemption- Expert Advice! ) and farm tax deductions ( • Keep Your Money: Farm Tax Deductions .
To sum up those videos: When you're looking for help on your federal taxes, remember that you have a small business. Whatever tax benefits come with a small business, that's what you get. A tax professional can give you tax advice to determine specific tax credits that you're eligible for, whether that be state tax credits, a fuel tax credit, an earned income tax credit, an investment tax credit or another tax credit that offsets expenses.
Your accountant probably isn't as familiar with farm credits, and that's no cause for alarm. Farm credits just aren't in their wheelhouse. But they need to be in yours! When we say "farm credits," we're referring to the assistance, programs and initiatives that you can find on nrcs.usda.gov. The main objective of the U.S. Department of Agriculture (USDA) Natural Resources Conservation Service (NRCS) is “to help people help the land.” The conservation agency offers both financial and technical assistance, doing everything they can to protect their five defined natural resources of soil, water, air, plants and animals. Ultimately, the USDA NRCS will give you technical assistance (tools) and financial assistance (money!) to make sustainability improvements on your farm.
Since you're a small business owner, I encourage you to go to nrcs.usda.gov. When you go to the NRCS website, there are a few tabs across the top, and you'll really want to pay attention to two of those tabs in particular: Getting Assistance and Programs & Initiatives. When you go to the Getting Assistance tab, you'll see options for technical help and financial help—both to help you manage natural resources in a sustainable manner on your farm property. The next tab is called Programs & Initiatives. It goes into more depth on the "financial help" area, detailing all of the programs and initiatives that the NRCS will cover on your farm. Making improvements on your farm, such as energy efficiency upgrades, not only improves your operation but also saves you money.
In addition to the Getting Assistance and Programs & Initiatives tabs, there are two other helpful resources. One of those is located in the top right corner of the NRCS website: farmers.gov. This USDA website covers additional opportunities for you, including loans, programs for protection and recovery from natural disasters and more. The other resource is also located in the top right corner of the NRCS website: State Offices. When you select your state underneath the map, it'll give you state-specific NRCS information, including the contact information for your state office. I encourage you to reach out to your state office because they want to help you participate in their programs and get the money for your farm improvements.
If you go to the website and don't see anything, check again and check often. The NRCS is constantly adding programs, so set a reminder to check their website on a regular basis. Plus, they don't just add programs—sometimes, they'll add even more money within a certain initiative. You never know when a program or initiative will be added for an improvement you've already been thinking about. Or maybe it's an improvement that you've never considered until seeing it on the website, and it ends up making a big difference for your farm and your finances.
Информация по комментариям в разработке