One of the things I told myself I would do when I started the blog was to be honest about the things that happen on a small farm and why both my wife and I have full time jobs. This year we decided to take the plunge and purchase haying equipment. The real problem with this decision is we have a small tractor and needed micro hay equipment. This is not manufactured in our country, we ended up purchasing equipment made in Italy. I wanted something new thinking that this would cut down my maintenance needs and expenses, time will tell on this decision. I will be sticking with the IRS categories for a farm as that is how my lovely bride uses the categories when she does the taxes.
INCOME total: $7600 from the sale of sheep and cows
EXPENSE total: $64,159
Animals cost $0
Truck & Expenses cost $0
Chemicals cost $0. We did not spray any weeds in 2019.
Custom Hire cost $0
Depreciation cost $0
Fertilizer cost $0
Freight and trucking cost $1916
Equipment cost $33,963
Conservation Expense cost $260
Insurance cost $1655
Vet/Breeding/Medicine cost $332
Purchased Animals cost $0. We did not buy any sheep.
Taxes cost $799
Utilities cost $0
Seeds/Plants cost $702
Gasoline/Fuel/Oil cost $400
Supplies cost $13,367
Feed cost $7306
Rent/Lease cost $924
Repairs/Maintenance cost $2535
Total Income was a loss of $56,559 for 2019. We knew we were going to have to bear a financial burden for the equipment but are hopeful that in four years we will have the equipment paid off and our expenses will drop dramatically for feed.
