I might be a bean counter, but I never thought I needed a course in accounting. I am discovering that I need to have a much better understanding of how business taxes work verses personal taxes. Something as simple as how expenses are accounted for makes a gigantic impact.
In Robert Kiyosaki’s book “Rich Dad Poor Dad” he explains the basics.
As part of your overall financial strategy, I recommend that you learn about the protection that large legal entities can provide for businesses and assets." (page 120)
This overview was highly enlightening for me, so I decided we needed an accountant to start our education. My husband and I met with one this week and hired him to help us with our personal and business taxes. He was incredibly helpful in explaining things we should be aware of when tracking business expenses and gave me some insight into how Stone Coop Farm’s Operating Agreement is impacting our personal taxes. I am looking forward to working with him and to learning more about basic accounting and tax law. It will definitely make me a smarter and more profitable entrepreneur.
BOUNDARIES I couple weeks ago I talked about boundaries and outlined multiple things I needed to accomplish. I am proud to say 4 of the 5 goals are done!!!!
Recommended Viewing: Here's a fun video done by the Peterson Brothers who are farmers in Kansas.
Did you know that according to the 2012 USDA Farming Census, the average age of a farmer in the U.S, is 58 years old? More than 1/2 of all our farmers will retire in the next 5 years. This is such a problem that it has the attention of the U.S. State Department. We need new farmers and we need the farmland of the retiring farmers to continue to be used to grow our food, not sold for development.
What can you do to help? Support local farmers, help train new farmers through great programs like Michigan State's Organic Farmer Training Program. There are several farmer training programs around the country. If you own farmland, look for a young farmer to lease or buy your land so it can continue to be farmed. You can also look into preserving your farmland buy selling the property development rights. This option is available in many places in the U.S.