Category: Farming
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Ten tips to prevent bad gas
Smart handling of gasoline is part of many small business operations and a disaster preparedness plan. Gasoline contaminated with water can significantly impair engine performance, resulting in rough idling, reduced power output, higher fuel consumption engines that just won’t start or stay running. These problems not only compromise the efficiency of autos, boats, and equipment…
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My first business
A friend’s social media post caused me to reflect back to my days as a young farmer. I had a sweet corn farm in the 1970s, my first business, at age 16-18. It started with about 3 of dad’s acres and peaked at about 8 rented acres. Dad had a John Deere 2010 model tractor…
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Overview of American Rescue Plan Act of 2021
Background In February 2021 the U.S. Senate, The House of Representatives and the Executive Branch led by the White House took a series of actions designed to address the pandemic recession by allowing a huge proposed economic stimulus bill to move through to approval without relying on Republican party votes. The Democratic Party members of…
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Feds turning against small farmers?
Comments by the United States Department of Agriculture (USDA) Secretary this week disturbed many of us who support smaller farms and fisheries. USDA Secretary Purdue seemed to signal that the federal government does not recognize the inherent value of a wide independent network of food producers. I fear that small innovative farm operations, greenhouses, and…
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Accounting considerations for handling cash
Some of my primary client groups depend heavily on cash transactions. The seafood and farming industries in rural southwest New Jersey, for example, are almost entirely run on cash. There isn’t a bank branch in our rural township; the closest bank is a 20-30 minute drive each way. Also, parts of our are do not…
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Federal income taxes for farmers and fishermen
Most businesses are subject to quarterly estimated tax payment requirements. A failure to make these required payments on time results in a penalty. The final estimated tax payment deadline for the prior calendar year is January 15 of the current year. Many small businesses, struggling to keep up with government paperwork demands, miss the deadline…
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Invest Like a Venture Capitalist
One of the most overlooked tax savings strategies is to avoid federal income taxes on large capital gains. Allowing investments to grow tax free over decades can result in tremendous growth in wealth and is one of the most reliable paths to a tax-free retirement. This tax-free capital gain tax strategy is employed by almost…
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Community-supported dock-to-table seafood launch
Today I launched the Philadelphia area’s first (as far as we know) attempt at a community supported dock-to-table seafood venture for Nantuxent Seafood. The intent is to test the water on this concept that has worked well in other regional markets. If this initial small project is successful in gaining 150 supporters then I’m sure…
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Tough times ahead for US farmers
The fundamental economics of the US agricultural industry are about to change. Few outside the industry seem to have noticed. Farmers, trade groups and business publications like Forbes and others are following the developing story with an increasing level of anxiety. The United States appears ready to move away from a trade agreement known as…
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Health plans for New Jersey Farmers
This is a pre-publication draft of an article intended for print media. New Jersey’s farmers have it tough when it comes to negotiating a path through health care reform. New Jersey insurance markets have been expensive, compared to other states, since the 1990s. Health plans for self-employed people provide in-network care only and this can…