Jeramie Posted October 20, 2009 Report Share Posted October 20, 2009 I have officially started my farmers market. Well, we have spent a few thousand and are headed that direction anyway. If everything works out we should have 250 - 300 tomato plants, squash, peppers, cucumbers, okra, etc. by spring. Ive been doing research on Irrigation systems and I still dont have it buttoned down 100% but im headed the right direction. I have contacted a local producers group and we are going to head to the meeting in January to discuss sales and such. We have bought a 6' commercial (3-point) tiller. And Ive started Fencing. I still have a lot to buy and do but it has officially started! If this takes off im erecting a green house on my place next year and starting plants to save money and help with the cost of operations. Tomato plants sale for $3+ each around here if they are large plants. Hopefully this doesnt kill me. Ill get progress pics up as we go along. Right now it just looks like bare field with fence so its pretty boring. Look for pics in the next month or so as I start to run water lines and such. Quote Link to comment Share on other sites More sharing options...
Turkeygirl Posted October 20, 2009 Report Share Posted October 20, 2009 Wow, hope it all goes smoothly! Sounds like fun! Hope you don't get any of the tomatoe blight and what not that killed us up here....there was a potatoe blight thing to this year I guess but the tomatoe thing, just horrible! Quote Link to comment Share on other sites More sharing options...
Adjam5 Posted October 20, 2009 Report Share Posted October 20, 2009 Cool Jeramie...I wish you guys the best of luck in getting it going . Will you sell in a co-op type market or have your own stand somewhere? 1st thing that came to mind when you mentioned a 6' tiller was...food plots! Quote Link to comment Share on other sites More sharing options...
Newarcher Posted October 20, 2009 Report Share Posted October 20, 2009 Good luck! Now is the time to consult a good Accountant to discuss taxes, assets, and tax planning. For the love of all that is good and holy, do NOT NOT NOT NOT, go to the January meeting and start taking tax advice from others doing this. The IRS doesn't allow a deduction for "Johnny told me that I could deduct this or that". Believe me I can't tell you how many people--especially Pastors/Preachers who took it on the chin because of tax 'experts' in their churches. You might need a business license for home occupancy, might need an EIN if you have employees, etc. If you buy equipment for the operation, you might have advantages to buying it in the business name verses your personal name (or vice versa). You also will have considerations as to how to depreciate your assets (anything that lasts longer than a year) and whether to take an immediate Section 179 deduction or to spread the depreciation over various years based on asset classes. You might also qualify for a home office business deduction which comes with a lot of questions depending on whether you, say, use an office exclusively for your operation. Depending on your success, you might be limited in your deductions based on the hobby rules. I could save lots of wailing and gnashing of teeth if people would contact me before they start the business instead of when they first need to file returns. Enjoy the 'fruits' of your labor! New Quote Link to comment Share on other sites More sharing options...
wtnhunt Posted October 20, 2009 Report Share Posted October 20, 2009 Hope it all goes well for you Jeramie. Knowing what we put into our garden, sounds like an awful lot of work to me. Quote Link to comment Share on other sites More sharing options...
Jeramie Posted October 20, 2009 Author Report Share Posted October 20, 2009 Will you sell in a co-op type market or have your own stand somewhere? Yes..... This first year we will have to do some hand to hand sales. We are also going to talk to a few eateries in the area. There are some larger markets around that we hope we can get online to buy from us. 1st thing that came to mind when you mentioned a 6' tiller was...food plots! Oh trust me... That hasnt been overlooked. Good luck! Now is the time to consult a good Accountant to discuss taxes, assets, and tax planning. For the love of all that is good and holy, do NOT NOT NOT NOT, go to the January meeting and start taking tax advice from others doing this. The IRS doesn't allow a deduction for "Johnny told me that I could deduct this or that". Believe me I can't tell you how many people--especially Pastors/Preachers who took it on the chin because of tax 'experts' in their churches. You might need a business license for home occupancy, might need an EIN if you have employees, etc. If you buy equipment for the operation, you might have advantages to buying it in the business name verses your personal name (or vice versa). You also will have considerations as to how to depreciate your assets (anything that lasts longer than a year) and whether to take an immediate Section 179 deduction or to spread the depreciation over various years based on asset classes. You might also qualify for a home office business deduction which comes with a lot of questions depending on whether you, say, use an office exclusively for your operation. Depending on your success, you might be limited in your deductions based on the hobby rules. I could save lots of wailing and gnashing of teeth if people would contact me before they start the business instead of when they first need to file returns. Enjoy the 'fruits' of your labor! New My Grandma is a Professional CPA. She is in her 70's and has been working for over 50 years as a CPA. She is a wealth of Knowledge. She also manages the family cattle ranch (over 1k acres of land and hundreds of beef cattle). We currently do a Farm Schedule for our horse operation and I have a side business for Drafting and construction related stuff. We pretty well have that end of things buttoned down. Grandma keeps me in check as far as Taxes... Also, my wife has her Series 7, a business degree (graduated with honors), and was a National Merit Scholar, etc. Im surrounded by the brains, I just have to be the muscle... I do appreciate the advice though. Taxes can be tricky! Especially because we already have two side businesses and both work full time. Yes, im nuts. I never sleep or sit down. Quote Link to comment Share on other sites More sharing options...
Newarcher Posted October 20, 2009 Report Share Posted October 20, 2009 Then you got it going on, most people who have a sudden GREAT idea do not! Good luck, I hope it is gangbusters for you. New Quote Link to comment Share on other sites More sharing options...
PotashRLS Posted October 20, 2009 Report Share Posted October 20, 2009 Good luck on your undertaking. I'm sure your positive attitude and hard work will pay off! Quote Link to comment Share on other sites More sharing options...
MichiganHunter Posted October 20, 2009 Report Share Posted October 20, 2009 I love farmers markets, I hope you do good. Quote Link to comment Share on other sites More sharing options...
Jeramie Posted October 20, 2009 Author Report Share Posted October 20, 2009 Then you got it going on, most people who have a sudden GREAT idea do not! So ive heard... Grandma has many stories to tell.. Quote Link to comment Share on other sites More sharing options...
bfletch7441 Posted October 20, 2009 Report Share Posted October 20, 2009 Sounds like fun to me. Best of luck, and let us know what markets you're at. BTW, have a look at this: http://growgreencountry.blogspot.com/ It's a non-profit that JaLynn and I give to. We give from our garden, but they also round up excess from farmers markets and deliver it to the John 3:16 mission for the homeless. If you ever find yourself with a mess of produce that's just going to set and spoil, let me know and I'll pick it up for delivery. I'll have to ask Brooke or Heather about a possible tax credit. Ben Quote Link to comment Share on other sites More sharing options...
Jeramie Posted October 20, 2009 Author Report Share Posted October 20, 2009 Ben, thats a great idea man! I have been thinking about that lately. There is going to be some waste. I doubt I can move the veggies faster than some will rot. Ill keep that in mind for sure! When we get closer Ill get your phone number. If that starts to become a problem or if the produce is more than anticipated ill give you a call.... Quote Link to comment Share on other sites More sharing options...
buckee Posted October 20, 2009 Report Share Posted October 20, 2009 May God add his blessing to all you are doing Jeramie. Quote Link to comment Share on other sites More sharing options...
arrow32 Posted October 20, 2009 Report Share Posted October 20, 2009 Best of luck on your farming! Hope it goes great for you that'd be alot of fun but alot of hard work. Quote Link to comment Share on other sites More sharing options...
bfletch7441 Posted October 20, 2009 Report Share Posted October 20, 2009 I'll be glad to help in any way I can, just let me know. Ben Quote Link to comment Share on other sites More sharing options...
stevebeilgard Posted October 20, 2009 Report Share Posted October 20, 2009 good luck, jeramie. i'll try to help you by telling you to get some good tomato seeds like caspian pinks, giant tree, or champion hybrid tomatos and sweet success cukes. great products will always sell for more money. go to totallytomatos.com for some good seeds. Quote Link to comment Share on other sites More sharing options...
Jeramie Posted October 21, 2009 Author Report Share Posted October 21, 2009 I'll be glad to help in any way I can, just let me know. Ben FYI, I mentioned it to the wife last night. She was thrilled. She thought it was a great idea Ben. Thanks again bud. Quote Link to comment Share on other sites More sharing options...
Jeramie Posted October 21, 2009 Author Report Share Posted October 21, 2009 good luck, jeramie. i'll try to help you by telling you to get some good tomato seeds like caspian pinks, giant tree, or champion hybrid tomatos and sweet success cukes. great products will always sell for more money. go to totallytomatos.com for some good seeds. I will check into that site Steve. Thanks for the link! I think im going to get a start on the plants and get them up about 12" before planting time. Quote Link to comment Share on other sites More sharing options...
bfletch7441 Posted October 21, 2009 Report Share Posted October 21, 2009 The Tomato Man here in Tulsa has a number of varieties including several heirlooms. Ben Quote Link to comment Share on other sites More sharing options...
Jeramie Posted October 21, 2009 Author Report Share Posted October 21, 2009 I bought from them several years in a row. They are only a couple of miles from the office. However, with the number of plants I have to plant I couldnt afford theirs. She is over $3 a plant. I would have $1k in tomato plants alone. Quote Link to comment Share on other sites More sharing options...
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