I must start by saying that I am not a tax expert or financial guru. This part is easy. Track EVERYTHING!!! I had no clue what the farm was doing until I started this. I have spreadsheets for everything. I know how much each egg, broiler, and gallon of milk cost me. I also know how much I spend and make daily, weekly, and monthly.
This one is short and sweet. Read about and understand the tax implications. Even if you rent your farm there are huge tax savings that you may be able to use. If you are uncomfortable with taxes consult a CPA. They will usually do a one time free consult. Also, just because you are a small urban hobby farm doesn’t mean you aren’t a farm!!! These days farmers come in all shapes and sizes.
Rule #4 coming soon..until the Happy Homesteading!!