A second specific question for Phelan and all: I have very little experience running my own business. We had a corporation for a while, so I have a little exposure. I was wondering about if there is some tax advice (no, i'll not hold anybody liable) about having something considered even on a small scale an "official Farm." I mean, do you have to declare something a farm or ranchette? Does this require different tax considerations? Who do farmers ask for advice on such things? I see that in some places you have to have licenses to sell produce at a roadside stand or elsewhere...is there some advantage or disadvantage in being an "official farm" or can an individual just do it? Is it better to NOT be an "official farm" as far as not having to jump through government hoops and regulations?
A lot of questions, but we're in unfamiliar territory, and would like to be reading up...and learning from those who know already from experience.
To be honest, I have no clue. Laws will vary from State to State, as will the benefits of being a farm. You might want to check with the local extension office and your tax advisor on this. If you do not plan on doing any commercial growing or selling, I don't see any benefits to becoming a legal farm. But that is here, not your state. The only benefit my homestead would get is a tax break on feed.
Anyone else have an answer for this question?