Palmyra, New York
111 Holmes St
Palmyra, NY 14522
315-597-5200

3 Tips for Creating a Small Farm Budget May 15, 2019

Palmyra, Wayne
3 Tips for Creating a Small Farm Budget, Palmyra, New York

Budgeting is a crucial part of any successful business. If you’re just getting started with a small farm, it’s imperative to know what your expenses will be. Having the right game plan can be the deciding factor between success and failure. Knowing taxes, exemptions, farm fuel costs, and other factors all play into the equation. Use the following tips to get started.

Your Guide to Creating a Small Farm Budget

1. Create an Anticipated Income

An important part of budgeting is knowing how much you can potentially make. Start by knowing what you’ll produce and your expected yield. You can compare your operations with similar farms in your area and also use data from the United States Department of Agriculture. Check local market prices for goods and create a conservative anticipated income for the year. Account for reduced income during growing seasons and create long-term projects so you can budget month-to-month and year-to-year.

2. List Expenses

farm-fueOnce you know how much you’ll make, list your expenses. Begin with outstanding debts. If you took out a business loan or loans for equipment and land, these will need to be paid off before you profit. Move on to larger assets, like heavy machinery and farm equipment, then expenses like farm fuel and general maintenance. Consider the cost of labor, marketing, and transportation, and be aware of the different taxes you’ll face. It’s best to overestimate than underestimate at first so you have more wiggle room.

3. Know Your Exemptions

You should take advantage of money-saving opportunities every chance you get, so look into state and federal exemptions. You may qualify for farm fuel sales tax exemptions or refunds, property tax exemptions, or more. To ensure you don’t claim exemptions you don’t qualify for or claim too much for farm fuel refunds, it’s helpful to work with an accountant.

 

 

Whether you’re starting a farm or have an established operation, you’ll need a reliable farm fuel provider. Main Energy, a family owned and operated fuel and oil company in Palmyra, NY, is proud to offer high-quality products and delivery services to their clients. You can explore their services on their website. To schedule a fuel delivery, call (315) 597-5200 today.

Other Announcements, Events and Deals from Main Energy
Why You Need to Evaluate Your Fuel Oil Needs at the End of Each Season, Palmyra, New York
If you use propane or oil for home heating, or rely on diesel to power your equipment, you should take the time to assess your fuel oil usage at the end of each season. The end ...read more
A Guide to Propane Tanks & Winter, Palmyra, New York
Your rely on your propane tank to fuel your furnace all winter long. But as temperatures drop to freezing levels, you’ll need to take certain precautions to ensure access t...read more
Why Furnace & Water Heater Venting Checks Matter, Palmyra, New York
If you have a climate control system or water heater that uses gas or home heating oil, you should take steps to protect yourself from carbon monoxide emissions. Getting routine...read more
Why You Should Cap Off an Outside Fuel Oil Pipe, Palmyra, New York
When converting your home’s heating from fuel oil to natural gas, you’ll need to do more than cancel your oil delivery service. Old equipment must be swapped out for the new sys...read more