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Jan
29

Dairy Calf Management Workshop to be held on March 8, 2016

by:  Rory Lewandowski, Extension Educator Wayne County OSU Extension Wayne County is hosting a Dairy Calf Management Workshop on Tuesday March 8 from 9:00 am until 3:00 pm. The workshop consists of morning classroom sessions and an afternoon on-farm session. Raising dairy heifer calves to freshen at 22 to 24 months of age requires good management that maintains calf health. Each dairy heifer represents a two-year investment before any economic returns are realized. In these times of low milk prices, volatile market conditions and high feed prices, dairy producers and managers need to evaluate their calf rearing program and make sure that it is effective and efficient. The purpose of the dairy calf management workshop is to help participants: Improve the growth efficiency of dairy heifer calves Foster sound health of calves through management of their feeding and housing programs along with a prescribed vaccination program ...
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Jan
25

Ohio State University Extension Announces Two Upcoming Conferences to Help Small Farm Owners

by Tony Nye, OSU Extension Educator, Clinton County Agriculture and Natural Resources The agricultural landscape of today is very different than it was 20 – 25 years ago. Farms today are getting fewer in number and the ones that are left are growing in acreage. However, as the Small Farm Program Coordinator for Ohio State University Extension I continue to see a huge interest in small farm production. The “Small Farmer” is a term used for individuals who are practicing agriculture on a small amount of acreage, usually with less than 100 acres. These farmers are many times new to agriculture and are looking to begin a different lifestyle. Since 2005, we at Ohio State have tried addressing producer needs for small farm production. Our two main efforts include an eight week Small Farm College and the second is through Small Farm Conferences. This month I want to highlight our two conferences in March and April 2016, which...
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Jan
21

Protecting Americans from Tax Hikes (Path) Act Restores Higher Deduction for Donation of Qualified Conservation Easement

By Larry R. Gearhardt, Field Specialist, Taxation On December 18, 2015, Congress passed and the President signed into law an agreement on tax extenders and numerous other tax provisions in the “Protecting Americans from Tax Hikes (PATH) of 2015” (the Act). Tax extenders are the 50+ tax provisions that are routinely extended by Congress on a one- or two-year basis. The Act makes permanent many of the individual and business extenders. One provision of the PATH Act restores the higher charitable deduction for donations of qualified conservation easements for farmers and ranchers. QUALIFIED CONSERVATION CONTRIBUTIONS A taxpayer's aggregate qualified conservation contributions (i.e., contributions of appreciated real property for conservation purposes) were, for tax years beginning before Jan. 1, 2015, allowed up to the excess of 50% of the taxpayer's contribution base over the amount of all other allowable charitable contribut...
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Jan
21

Farm Liability Insurance – What’s in Your Policy?

By: Emily Adams, OSU Extension Educator and Peggy Hall, Asst. Professor, OSU Extension Agricultural & Resource Law On one hand there are the optimists. They see the glass half empty and expect the best to happen in all situations. Then on the other hand are the pessimists, who often refer to themselves as realists. They anticipate what could go wrong and spend time thinking about alternate plans for when those unfortunate things actually happen. Pessimists, this article may not be for you, because you’ve thought these things through. So optimists- read on! How often do you think about your farm liability insurance? When is the last time you reviewed your policy with your insurance provider to make sure that you really are covered for everything for which you think you are covered? Farm liability insurance is one of the most common tools for agricultural risk management. Liability coverage helps you manage your liability f...
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Jan
21

Registration Open for 2016 East Ohio Women in Agriculture Conference

By: Emily Adams, OSU Extension Educator Registration is now open for the third annual East Ohio Women in Agriculture Conference. This year’s conference will be April 1, 2016 at a new location, R. G. Drage Career Technical Center in Massillon. Last year over 100 women from 27 counties across Ohio attended.  This year’s program will feature 16 break-out sessions presented by OSU Extension educators, farmers, and partner agencies including: Finance, Livestock, Special Interest, Food & Family, Partner Agencies and one youth session. The Finance track sessions include: “Creating a Business Plan” - Holly Bolinger, Ohio Small Business Development Center, Kent State University at Stark Learn the components of a good business plan, the resources available to assist you and how to give the bank what it needs to make a financial decision. “An Unhappy Couple: Why Business & Personal Finances Should Never Be Togethe...
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Jan
14

Ohio Farm Custom Rate Survey 2016

by: Barry Ward, Leader, Production Business Management, Department of Agricultural, Environmental and Development Economics A large number of Ohio farmers hire machinery operations and other farm related work to be completed by others. This is often due to lack of proper equipment, lack of time or lack of expertise for a particular operation. Many farm business owners do not own equipment for every possible job that they may encounter in the course of operating a farm and may, instead of purchasing the equipment needed, seek out someone with the proper tools necessary to complete the job. This farm work completed by others is often referred to as “custom farm work” or more simply “custom work”. A “custom rate” is the amount agreed upon by both parties to be paid by the custom work customer to the custom work provider. Ohio State University Extension collects surveys and publishes survey results from the Ohio Farm Custo...
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Jan
13

Planning for the Future of Your Farm Workshops to be Held across Ohio in 2016

by David Marrison, OSU Extension Educator What does it take to successfully pass on the farm business to the next generation? It takes a lot of hard work, time and communication to make a successful management transfer. The Farm Transition Team of OSU Extension is pleased to be offering a series of workshops across Ohio to help farm families plan for the transition of their business to the next generation. This workshop will help farmers assess the future of the farm business, discuss developing the next generation of managers, communicate about farm succession, review retirement planning, plan for the unexpected, consider long-term healthcare costs, understand legal considerations of farm transition and discover ways to increase family communication. This workshop will challenge farm families to actively plan for the future of the farm business. In between session, farm families will be asked to hold critical family conversatio...
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Jan
13

Section 179 Changes Under “Protecting Americans from Tax Hikes” Act

By Larry Gearhardt, OSU Extension Tax School Director

On December 18, 2015, Congress passed and the President signed into law an agreement on tax extenders and numerous other tax provisions in the “Protecting Americans from Tax Hikes (PATH) of 2015” (the Act). Tax extenders are the 50+ tax provisions that are routinely extended by Congress on a one- or two-year basis. The Act makes permanent many of the individual and business extenders. Some of the more pertinent provisions are as follows:

Section 179 Expense Deduction

This post is a reprint of a post by gearhardt.5 that originally appeared at Recent Blog Posts.
Jan
07

OSU’s Agricultural Outlook Webinar Provides Insights for 2016

by: Chris Bruynis, Assistant Professor & Extension Educator What’s ahead for farmers and agriculture businesses in 2016? Ohio State University’s Department of Agricultural, Environmental, and Developmental Economics (AEDE) and Ohio State University Extension, both located in the College of Food, Agricultural, Environmental Sciences, will be hosting an agricultural outlook webinar on February 1, 2016, starting at 6:30 p.m. EST.  Listen and learn from OSU faculty as they discuss the opportunities and challenges for the agricultural sector, and interpret the impact of recent policy decisions on the agricultural sector. Registration cost is $10/person and can be paid for with a major credit card. Registration can be completed on-line at https://www.regonline.com/AgOutlook2016 and is limited to 200 registrants.  Webinar log-in information will be send to all registrants closer to the event. There will be a period previous to...
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Jan
07

Section 179 Expensing Increased and Bonus Depreciation Allowed Under “Protecting Americans from Tax Hikes” Act

By Larry R. Gearhardt, Assistant Professor and Field Specialist in Taxation, OSU Extension On December 18, 2015, Congress passed and the President signed into law an agreement on tax extenders and numerous other tax provisions in the “Protecting Americans from Tax Hikes (PATH) of 2015” (the Act). Tax extenders are the 50+ tax provisions that are routinely extended by Congress on a one- or two-year basis. The Act makes permanent many of the individual and business extenders. Some of the more pertinent provisions are as follows: Section 179 Expense Deduction Under Sec. 179 of the Internal Revenue Code, a taxpayer may elect to deduct as an expense, rather than to depreciate over time, up to a specified amount, the cost of new or used tangible personal property placed in service during the tax year in the taxpayer’s trade or business. In this case, “taxpayer” does not include an estate, trust, or certain non-corporate les...
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Jan
05

2016 Standard Mileage Rates for Business, Medical and Moving Announced

By: Larry Gearhardt, Field Specialist, Taxation, Ohio State University Extension   The Internal Revenue Service has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for medical or moving purposes, down from 23 cents for 2015 14 cents per mile driven in service of charitable organizations The business mileage rate decreased 3.5 cents per mile and the medical, and moving expense rates decrease 4 cents per mile from the 2015 rates. The charitable rate is based on statute. The standard mileage rate for business is based on an annual study of the fixed and variable costs of operat...
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Dec
21

Farmland Leasing Workshops Offered Throughout Ohio

Source: Barry Ward, Assistant Professor, OSU Extension Leader, Production Business Management, Department of Agricultural, Environmental and Development Economics and Peggy Hall, Assistant Professor, OSU Extension Director, Agricultural & Resource Law Program Ohio State University Extension will offer four Farmland Leasing Workshops throughout Ohio this upcoming February, 2016. The three hour workshops will include topics of interest to both landowners and farm operators, such as factors affecting leasing options and rental rates, analyzing rent survey data and legal requirements and provisions for farm leases. The speakers will help attendees consider how to use data in negotiations and to apply legal information to leasing practices. Workshop presenters include Barry Ward, Assistant Professor, OSU Extension and Leader, Production Business Management and Peggy Hall, Assistant Professor, OSU Extension and Director of OSU's Agricu...
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Dec
21

President signs into law funding and tax extender bills impacting a host of tax provisions.

Source: Larry Gerhardt, OSU Extension Specialists, Taxation The following article contains excerpts from the December 21 RIA Weekly Tax Watch, Checkpoint, published by ThompsonReuters, Inc. On December 18, Congress passed and the President signed into law the “Consolidated Appropriations Act, 2016” and “Protecting Americans from Tax Hikes (PATH) Act of 2015,” funding the government and providing a number of significant tax changes. The Senate, by a vote of 65-33, had passed this legislation earlier in the day. The House had passed the Consolidated Appropriations Act earlier in the morning, by a vote of 316 to 113, and had previously passed the PATH Act, by a vote of 318 to 109, on December 17. Tax provisions in the PATH Act include: the retroactive extension of the 50 or so taxpayer-favorable tax ”extender”—temporary tax provisions that are routinely extended by Congress on a one- or two-year basis that had been e...
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Dec
18

Farm Succession Workshop to be held in Medina County on January 21 & 28, 2016

Farm transition planning is the process by which the ownership and management of the family business are transferred to the next generation. Transition and estate planning helps farm families analyze the current farm situation, examine the future, and develop a plan of action for transferring assets and managerial control. Each farm is different in regards to the goal of transition, from passing farms onto the next generation or a new owner. There are family dynamics to consider, resources, finances, and managerial styles to consider. The 2-day workshop will be held on January 21 and 28, 2016 from 9:00 AM to 3:00 PM at A.I.Root Candle Community Room, 623 West Liberty St., Medina, OH 44256. This workshop will help farmers assess the future of the farm business, discuss developing the next generation of managers, communicate about farm succession, review retirement planning and plan for the unexpected, consider long-term healthcare cos...
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Dec
18

Ten Strategies to Survive Tight Grain Margins

By: Chris Bruynis, Assistant Professor and Extension Educator There are a few things that every business person knows about margins. There are typically only two ways to improve them; either increase revenues or reduce costs. Although this is very simple to say, making the management decisions to affect movement on either front is often difficult at best. Included in this article are some ideas that farmers can consider with today’s lower crop prices and projected lower profit margins. Complete a financial analysis. Knowing where the business stands financially will be critical in developing a plan to survive this period of low margins. This will provide insight into the how drastic the measures need to be to weather the storm. Good financial capacity will allow farm families to borrow new money, restructure term debt, or even make interest only payments on some loans. This does not mean to imply you shouldn’t look at other o...
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Keith L. Smith, Ph.D., Associate Vice President for Agricultural Administration and Director, Ohio State University Extension TDD No. 800-589-8292 ( Ohio only) or 614-292-1868