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: Planting Corn with Classic Allis-Chalmers Tractors | Full Field Action

Step into the field for a full day of spring fieldwork as this farm plants corn using classic Allis-Chalmers power near Arcanum, Ohio. In this video, the farm is working ground with an Allis-Chalmers 8050 pulling a Salford field cultivator and Brillion Culti-Packer to prepare the seedbed. Right behind, an Allis-Chalmers 7020 handles planting duties with a 12-row White planter, putting this year’s corn crop in the ground. You’ll see a mix of aerial drone footage and ground-level views capturing all the action, along with a voiceover that dives into the history and legacy of these two Allis-Chalmers tractors. It’s a great look at how reliable, older equipment is still getting the job done during spring planting season. If you enjoy classic farm equipment, corn planting, and real-world field action, this one is for you.