Farm & Ranch Taxes: The importance Of Record Keeping

 

 

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).

 

 

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).

Video: USDA Feb Crop Report a WIN for Soybeans + 1 Year Trade Truce Extension

USDA took Trumps comments that China would buy more U.S. soybeans seriously and headline news that the U.S./China trade truce would be extended when Trump/Xi meet in the first week of April was a BIG WIN for soybeans this week! 2026 “Mini” U.S. ethanol boom thanks to 45Z + China’s ban of phosphates from Feb. – August of 2026 will not help lower fertilizer prices anytime soon! 30 mmt of Chinese corn harvest is of poor quality and maybe a technical breakout in wheat futures.

*Apologies! Where we talk about the latest CFTC update as of 10th Feb 2026, managed money funds covered their net short position in canola to the tune of +42,746 week-on-week to flip to net long 145 contracts and not (as we mistakenly said) +90,009 wk/wk to 47,408.