Farm income is the amount you make working on a farm either as a farmer or a tenant. The work might include cultivating, operating, and managing it. The farm can be a dairy, poultry, fruit, stock, fish, and truck farm.
Farming is just like any other business. The value of good record keeping cant be stressed enough. If you need to pay someone $200 a week to keep track of all the money being spent and how its being spent you wont make a better investment the whole year, its better than being audited and going to the tax court...more
There are few tax forms that every farmer has to file with the IRS to report his income, claim deductions, and etc. We have compiled a list that we hope you will find helpful...moreThe Purpose of Recordkeeping
Every business that we know of thrives on good record keeping. Without it you cannot expect to survive in todays world. Farming like any other business has to maintain good records for review over time especially when you are filing your taxes...more
Every farmer needs to have an accounting period, a tax year, which can be either a calendar year or a fiscal year. Calendar year ends in December and Fiscal year ends in any month of the year except December...more