Farm Start Up Decisions for Taxes

[@wvuextensionexperts]

What start-up decisions were critical for your farm?

[@erikbudrow1255]

We need more videos like this for every state!

[@williambutler9989]

Thank you. That was very helpful. NC farmer here. Be safe and well.

[@rpggamez1347]

I’m a only 24 and I’m starting a farm business, this video is very helpful!! I’ll be watching more of your content !

[@wvuextensionexperts]

Happy to hear it is helpful!

[@KidzWorld08]

Can u do one for Georgia?

[@rpggamez1347]

Great video !! And great information!!

[@wvuextensionexperts]

Glad you liked it!

[@debsreemandal1923]

Hello, I got the following message after filing my small business:. " In order to register a business trust, we need one original copy of the declaration, articles or agreement of trust creating the Business Trust. Please reply to this email with that agreement and I will approve your filing." How do I make the paper? What is the difference between Sole proprietorships and Business trust?

[@sheepfarmer7548]

I filed a scheduled F last year and will again this year but I never opened an entity. I am planing on expanding but do I really need an entity? I will be leasing a farm

[@biosyncfarm]

Call your county's extension agency

[@wvuextensionexperts]

By registering as a business and getting set up with your state tax department you will be able to save money through agricultural sales tax exemptions. One of the perks of being a registered farm business is saving this cash up front, which can be important especially for small farms. If you were to spend $10,000 on a fence, in West Virginia that can be up to $700 saved in sales tax, depending on where you live.

[@caseyswann1389]

I started a C Corp a few years ago. Is it a good idea to let that corporation own the farm? I purchased the property personally and live there.

[@wvuextensionexperts]

That is an excellent legal question, which you should discuss with an attorney. Based on your wishes for your farm business, you should discuss how you would want to separate your personal assets from your business assets, then make sure you have appropriate signed documentation in place.

[@docrw]

good video

[@brianleonard6885]

Nice job