Farm & Ranch Taxes: The importance Of Record Keeping

Jan 22, 2018

By Shannon Sand

While most people must file taxes by April 16, 2018, farm and ranch taxes must be filed by March 1, 2018. Due to the filing deadline many producers are beginning the process of gathering their important paperwork. In general, the law does not require any specific kinds of records (there are a few exceptions though).

Choosing a Record Keeping System

A producer can choose any kind of record keeping system they wish to use for their business (ex. Quicken, QuickBooks, Easy Farm, Red Wing, paper ledger, etc.). The record keeping system should include a summary of all business transactions. It is imperative producers also keep supporting documents such as purchases, sales, payroll, invoices and other transactions taking place in the business. The reason why it is so important to keep these documents is that they support the entries listed in journals, ledgers, and tax returns. It is important producers keep these records for three years from when the tax return was filed (however, some records may need to be kept longer).

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Video: Exploring Precision Data in Swine Production - Dr. Janice Siegford

In this episode of The Swine it Podcast Show, Dr. Janice Siegford from Michigan State University discusses how precision livestock farming data can support pig health, welfare, transparency, and decision making. She explains why data ownership, privacy, consumer perception, and cost sharing must be addressed as technology becomes more common on farms. Listen now on all major platforms.

“Precision livestock farming data can support producers, veterinarians, certifiers, and consumers by enabling improved monitoring, prediction, and decision-making across the entire production system.”

Meet the guest: Dr. Janice Siegford / janice-siegford-24318839 is a Professor and Associate Chair in the Department of Animal Science at Michigan State University. Her expertise in animal welfare, neuroscience, and zoology supports research on pig behavior, stress resilience, and precision livestock farming. Her work explores early weaning, genetics, and stakeholder perspectives on technology adoption to improve pig care, health, and productivity. Learn more from Dr. Janice Siegford on The Swine it Podcast Show, available on all major platforms.