Rob Greenfield’s latest sustainable living project is to live in a DIY 100 ft² tiny house for two years while foraging and growing 100% of his own food in an urban …
Rob Greenfield’s latest sustainable living project is to live in a DIY 100 ft² tiny house for two years while foraging and growing 100% of his own food in an urban …
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How can you save money on your taxes by farming? In this video from www.thisishomesteady.com I share with you the ways we save more than $1000 every year on our tax bill by running a farm business.
DISCLAIMER: I am not an accountant. I am not YOUR accountant. Get your own accountant to help you make tax decisions. This video is just to explain to you how WE save money each year, not to tell you how to do it.
One of the benefits to taking the leap from a homestead to an actual farm business is that you generally will be able to take advantage of some tax breaks.
In our state of CT, farmers get a few different tax cuts that we take advantage of. In this video we discuss 2 ways we save over $1000 every year on our tax bill because of farming.
FIRST.. We are exempt from the 6% Sales tax CT has when purchasing farm goods (feed, supplies, materials, etc). We spend a lot of money on feed, building materials, and animals supplies, so this little 6% tax savings adds up to hundreds of dollars every year!
Second… We save on our property tax through the PA 490 program.
Every acre you own is generally taxed through your state property tax program. Farmers generally get a discount on what they pay per acre owned for their properties.
If your thinking about starting your own farm business, be sure to contact an accountant to help you know where to look for tax breaks for your own farm business. The more money you get to keep in your wallet, the more you can spend on new animals and barns!
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so recently I was asked on Facebook I think it's Angela felt a little different my wife says Angelia Angelia she asked me to be a little bit more specific about the certain tax cuts we get that as a farm so in this video we're going to talk specifically about the tax benefits we get as a farmer in Connecticut and then we'll give you an idea of what you might look for in your own state if you don't live in Connecticut so let's talk about taking your money back from the government because I love doing that anyway I can do that I asked my wife to not let me out of this chair until I did this paperwork not my favorite thing to do with this with self-employment or the farm business but it's a necessity if I get these tax forms all filled out right and ship them off I get some nice tax cuts so the first tax exemption that we get as farmers is off of sales tax anything that we buy for the farm whether that's building supplies feed things we need for the animals all that we don't have to pay the 6% sales tax that Connecticut usually makes you pay on that sort of thing so there are some stipulations though just calling yourself a farmer doesn't mean you're going to have your sales tax waived okay little disclaimer here I'm not giving you tax advice today talk to a counting this is just telling you what we did okay that's through let's get into the details so the first two years when I got this form it asked me to prove in the first two years as a start-up farmer that I was spending more than $2,500 on the farm business and after those first two startup years they want to see you grossing $2,500 so every year our goal is to gross more than $2,500 the way that we do that is by selling whole and half pigs to our customers in the area and if we if we gross it's an only gross you don't have to it's growth income of more than $2,500 if you do that every year you're considered legally a farm business and you will not have to pay 6% on all your sales tax so is it really worth it waving that 6% sales tax absolutely last year we spent $4,000 i'm he's here at the farm $4,000 so what is six percent of four thousand you tell me I'm not really good with math I look at if you Google six percent of four thousand they'll give you a number $240 that's two hundred and forty dollars that I didn't have to send to the government that I can keep here on my farm and reinvest into more infrastructure more animals and more feed that's not the only way that we save that's just the first way and after I finished filling out this form I'll get to the next way that we save money with tax exemptions for farmers most of this stuff today is going to apply to just you Connecticut farmers so if you're a Connecticut farmer you get a form reg – 8 R this is a renewal application for a farmer tax exemption permit they send you with a double-sided page full of instructions to help you figure out how to fill out your form I hate paperwork so bad to get that exemption you need to gross more than $2,500 in the state of Connecticut we grossed more with the help of our pigs so we're plenty good there the next way that we save money in taxes as a farmer is through PA 490 again this is a program that Connecticut has your state may have a different program but it probably will be something similar the state understands that farmers need a lot of land to do their work and so instead of making them pay the normal property tax on all their acres they give them a discount and it's more geared towards like corn farmers who have you know acres and acres maybe 300 400 acres they would save a significant amount of money for us we want saving about a thousand dollars in property taxes each year now it's not a ton of money but thousand more dollars that I can put back into my own farm instead of sending off to the government to get wasted worth every penny for me so how do you get your property tax exemption as a farmer well you have to prove that you are a farm business there is no minimum amount of money that's required to do this you just have to fill out a form go to your town hall and they give them the form the PA 490 form and in that form you tell them how much of your land you're using how you're using it what kind of production you're going to be doing on the farm they may come out and inspect your farm and see that you're actually doing it or they may not I can't tell you whether or not they're going to do that some people they want to come out for some people they don't but you do need to be a legitimate business selling things to people you can't just have a homestead or you know a couple of chickens and say hey I'm a farmer so they sold my mom a so to keep up on that every two years I have to fill out a form with my towns to reapply for that exemption and so I'm going to be doing that now and when I'm done we'll finish this video up and talk about how much I save totally and how it's all worth it back after I felt another ridiculous bureaucrat form Oh command done I hate doing taxes paperwork oh man all this stuff so here's a last little words of advice concerning all this stuff first don't let paperwork and taxes and all these things scare you from starting a business it's confusing it's frustrating find yourself an accountant Mike that you can use and somebody who can help walk you through this stuff just just deal with it it's frustrating it's annoying I usually do mine light of course I'm gonna have to pay a fee because of that but uh don't let it scare you away from doing it the second bit of advice kind of what I already said get a really good accountant if you're starting a business you can save lots of money and work things really smart if you have a counted David on YouTube just commented mentioned that he liked our videos that he really liked our style and then he went on to ask being that precise with your finances cost tax credit etc are you using a CPA so David yes I am using a CPA and the reason why is because it helps you know that you're saving all the money you can save that you're doing everything the right way that said a lot of this stuff when I first started I just figured out myself I looked into our state regulations in our town and I saw PA 490 I saw that that existed same with the sales tax and a lot of those things you can apply for either in your Town Hall or online and I just figured them out get yourself a CPA a good accountant who you can trust who understands particularly agricultural things would be nice if you're in an agricultural business so you don't miss any of those tax exemptions is it worth it all the work that you have to go through for the exemptions absolutely so on our sales tip our sales tax each year we spent you know five six ten thousand dollars a year on feed animals supplies for the animals buildings and things this year were going to be doing a lot of buildings on the farm which means we're going to be buying a lot of materials all that stuff is tax exempt so imagine spending $10,000 and getting 6% of $10,000 just waive so that would be $3,600 that you don't have to pay in sales tax I don't know how I'm so bad at math I just realized $10,000 times point zero six $600 okay so you'll save $600 I suck at math which is why you should get yourself an accountant PA for 90 getting the property tax exemption yeah there's another thousand dollars there so depending on the scale of your farm business there's a lot of money to be saved the lessons from this video don't be afraid of all the paperwork get yourself some help with a CPA it's totally worth taking the time to get your exemptions this makes this is the difference between a hobbyist and a business and entrepreneur a lot of people like growing you know farm-fresh eggs on the side and maybe sell it to their friends and family for cash but if you're serious if you really want to make a go at this this is what separates the boys from the men but instead of separating let's bring them together throw back thanks to our two question askers make sure if you have questions leave them in the comments below because a lot of times I'll tell people in the comments hey great question stay tuned for a future video on that we've made a lot of videos lately based off of people's questions so I check the questions every day I'm here to help and thanks for watching if you like this video if it helped you hit thumbs up and another thing that would be super great is if you would share it with someone if you know a friend to be starting their own business or has a farm business or whatever as thinking about it send this video to them tell them about our channel and thanks for helping us to continue to grow next time you're going to go shopping on saunders before you go to amazon go to am steady calm that's am like amazon and steady like home steady calm you'll instantly be forwarded to Amazon's website but in that millisecond that you're forwarded their Amazon will log the fact that we sent you there and we will receive an affiliate bonus should you buy something on Amazon it costs you nothing extra not a penny but a small amount of what you spend will be given to us so we can continue to produce the show that you love at no extra cost to you just head on over to am steady calm buy whatever you were planning on buying anyway and we will make a little bit of money which helps us keep the show going every little penny helps so next time you go shopping on Amazon remember ham like Amazon steady like home steady calm
If you shop around and get to know your equipment you can save a few bucks. Also, if you eliminate un-necessary work you can concentrate on the needed tasks better! Just a couple of things here involving time saving yard work and chainsaws. Trust everyone had a wonderful EASTER! Thank you for wishing us well!
one thing we learned throughout the years as the years go by and you want to run a small homestead and you have livestock and chickens and geese and pigs and whatever three gardens going you just don't have time for the small flower gardens we used to have planted everywhere if you remember last fall before the big snow hit I was removing most of the flower gardens we had around our property which is five acres and they were everywhere and think they could get to be a real pain in the butt to maintain so I'll get rid of them and we'll put all our flowers and make our flower gardens in our actual gardens because we're already there anyway so this is gonna be a real loadlifter for both candy and I just to be able to run a lawn mower over this stuff pasta says in here had to think in the name of them and she's gonna dig them up and put them in her garden somewhere I'm sure she's gonna save them and we got some specialty trees and white tree and things like that will replant but right now I want to get this all cleaned up get it filled in I have some compost that I made last year to fill it in with one less thing that I have to take care of I'm over here cutting grass anyway like I said so I can go right over it you know like everything else you start off with a project if you want to accomplish playing on three times longer than you originally thought I made a really nice compost pile on the other side of the property on a woodchips and chicken manure and that other good stuff goats muck and that's what I'll be putting down here when I get this job finished after we dig these hospices out of here I'm looking forward not to have to take care of this alright last bucket full like I said all she has to do is dig these hospices out of here and then I'll fill this in and smooth it out plant some grass seed like I said everything takes three times longer than you originally thought the dose is the case with this too but it'll be worth it not to have this flower bed to upkeep anymore alright now that I got that last load of that flower garden dumped I'm gonna spend the rest of the day around the property handling this because over the winter and of course the remnants of my burn pile from last fall you just you have to rake the yard early SMO stove it you just have to because you don't want to tear up your lawnmower too bad going over all this debris and there's a lot of it so yeah it's a good day for us not too hot not too cold just right overcast but I think I'll take care of that and the next time I'm out doing the yard doing something other than the regular stuff it'll be breaking out the lawnmower which I like sort of okay this is the DeWalt chain and bar that goes to my 20 volt to Walt chain so you can see I took it off the saw and the part numbers are 45 for the yeah for the chain that goes on the blade the only one I could find and that's $18 a chain for a 12-inch train bar 18 bucks I couldn't find them any cheaper so I kind of found a remedy for that and I use this 20 volt chain saw all the time it just it doesn't so handy for everything it just does work so well now what I did after you know trying to rip because I used was using it the other day and I needed to stick it down in the hole and cut out a few roots so I that pretty much trashed the blade any was gonna trash the blame lies doing that I mean trashed it to the point of not being able to cut wood with it until after I sharpen it anyway so I didn't have but a couple of extra maybe one two extra chains for the 12-inch bar so I started looking to replace them and like I said they're like 18 bucks or something on Amazon and I had purchased this Oregon 14 inch bar and chain as a pair together at Walmart I think I paid 23 bucks for both or something like that and I got this for my echo cs10 chainsaw to just have as a backup to throw in the case if I'm out in the woods cutting and something happened I needed to put on a new born chain so you know that chain this chain was 11 like I said a little over 11 bucks and the smaller chain the cheapest I could find was like 18 bucks so I was looking on Amazon at some of the comments that people were making about this saw when I first bought it and I saw that an arborist had mentioned that he had put a 14 inch bar and a 14 inch chain on his saw and it didn't affect the performance at all in fact he could tell a little difference and he was just cutting up a storm with it so I thought you know I wonder if that bar and chain and that I had picked up at Walmart is what he's talking about that I picked up for my echo I wonder if it'll work on this and sure enough it works beautifully it works fantastic and I've been cutting up a storm with it and it works great so I'm gonna keep this on here and save a lot of money in the future hopefully on replacement blades because I already have you know a dozen or so replacement blades for the echo which that that works with so yay for me and if it could save you a few bucks I hope that helps you out too and that is the 14 inch s52 advanced cut blades you could see I have it marked CS 310 but heck it could just as well be marked a Walt now Dewalt 20 volt but this is 11 some dollars on Amazon and they work fantastic you know what gave me the idea to do that this is my 372 XP Husqvarna and you can see I took the 24 inch blade off of that you'll see that and put on a 20 inch blade because you know it's face it we're not often cutting that big logs and usually a 20 inch blade is you usually all you need by and large but you can throw an extra bar you no longer bars 24 28 is bar in your case with you when you head out just in case you need them but I had found that my Steel ms3 6220 exchange are exactly compatible with this the hospital so again I do not have to duplicate efforts in and change in that I'm getting separate chains for both l'histoire Anna and the steel they match up and I just like that about that and especially when I stop crying or stump grinding I got stump grinding on the brain when I chain grinding with my Oregon chain grinder you know I can pretty much leave the settings the same as I'm sharpening my chains and this you can see that $23 23 bucks that's a pretty good price for an aggressive chain and this is steel and this is what I was talking about this will fit on my 20 inch bar on my MS 362 steel chainsaw and my 372 XP Husqvarna chainsaw one chain both saws 20 inch bar and good chain 2 booth you can get many sharp earnings out of this chain trust me when I tell you that you can see I'm starting to harden off some of my plants out now not just in the greenhouse and it'll be nice when I can either get them all in the greenhouse are all outside so I'm not making multiple trips but that's life in the zone three garden what I like to do at least every year if not every other years we have to buy all that septic – excuse me hey hey or straw to cover our septic so it doesn't freeze and it would if we didn't get enough snow this year it's not a problem but we always put straw down as a insurance policy it's cheap but to utilize that hey I put it on the ground in my greenhouse and it gets packed down and it breaks down over the heat and at the time at the you know with the weather and it just keeps all that dirt dust down when I'm in there working and you know you blow your nose after you've been in there a little while dirt comes out your nose that's not healthy so that straw really helps keep that dust down I find and the rest of the straw little by little I'm like Jesse he'll do it all one day and it'll tire him out the rest of the day I'm doing piecemeal put some in de greenhouse today I'm gonna put put a whole bunch in my greenhouse garden for to cover my potatoes and the rest will go in the woods little by little get done in between all the other ear and so one thing I want to show you what I'm gonna do is something different with my compost it's kind of hard to tell cuz it's all blending in plus all the leaves on top because Jesse also uses his blower to blow a bunch of leaves on top for additional insulation but this is all they have left half of this is gonna go in this greenhouse starting like I said to cover the potatoes cuz I just put in I'm in a four inch deep trench and then cover them as they grow with straw that way they're just easier for me to pull it stead of constantly heeling up and not having to worry about you remember to heal him up then the potatoes go get green and that's not good or healthy so we'll get that done I was gifted some fabulous garlic bulbs last year that's where I planted them for Rose I just uncovered the straw that I put down last year to kind of start thawing the ground in fact it felt still a little frozen when I uncovered it and once they start sprouting I'll recover them to help with weed suppression and moisture control but so far I thought I saw a little tiny sprout but it could have been a weed from the darn straw that's the downfall of using straw and or hay as a mulch you get a lot of seeds that's just like this is some of my garden excuse me my kitchen waste got some banana peels some basil stock coarse eggshells let's have to have her money when we're feeding chickens and some coffee grounds and instead of putting them in a batch composter that I do have one but I want to reserve that for my rabbit manure as I'm going to do trench composting this year it's nothing new it's old school stuff but that way I don't have to turn it and continue to make sure it's a hot pile and so this stuff will compost quicker so what I'm gonna do and I'll mark it is I'm just gonna make about a foot deep trench and this way I can plant around my garden excuse me I keep once a garden waste kitchen waste that's good enough for now just as demonstration and I'll just put some of might get that banana peel in there and I'll just cover it give it a little deeper obviously and just cover it and let that natural decompose and provide plants nearby so nutrition and that way I don't have to worry about having a huge compost pile of kitchen scraps which this time your chickens get a lot of that anytime I guess but now I can also just amend my soil with those healthy byproducts of our kitchen food discovered exhale market and I could even plant plant right into it if I wanted to all that calcium and that banana peel would be great for tomato that's the things that they love it's just I'm gonna do this year she's gonna save me time and worry about having a separate kitchen scrap compost adding greens and browns to it because we have that compost pile that Jesse's been working on over there the big pile that he got those trees sawed down the other day the and then are already ready goat litter compost pile that I want to add to this garden specifically thanks for watching everybody see you real soon you
Never miss a talk! SUBSCRIBE to the TEDx channel: Jon is a farmer from northeastern Thailand. He founded the Pun Pun Center for …