Farm Tax Record Book SAMPLE

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1 Farm Tax Record Book

2 TABLE OF CONTENTS Farm Receipts... Milk Sales and Deductions Worksheet... Government Payments Worksheet... Commodity Certificates... Sale of Livestock Worksheet... Farm Expenses...0 Wage Record... Auto and Truck Worksheet... 0 Property Purchased... Trades and Exchanges... Livestock Purchased... Casualty Losses and Involuntary Conversions... Bad Debts and Losses... Annual Summary Cash Receipts... Annual Summary Cash Expenses... This book has been designed to assist you in organizing and accumulating information necessary to properly complete your income tax return as accurately as possible. Careful record keeping will help assist your tax professional to give you every deduction or credit permitted by the IRS. It will also assist in confirming both income and expenses if an occasional receipt or invoice is later missing. In addition to completing this record book, keep all receipts and supporting documents for both income and expenses. If you have questions regarding this record book, please contact your tax professional for assistance. NATP #A Copyright 0 National Association of Tax Professionals, Appleton, WI -00. All rights reserved.

3 FARM RECEIPTS A Date B Sold To C Item D Quantity E Received F Deposited Crops Milk (see worksheet) Livestock (see worksheet) Custom Work Government Payments (see worksheet) 0 0 Page

4 0 0 T Livestock Products (wools, hides, etc.) Poultry and Eggs Other Farm Income (list type) Non-Farm Income (list type) Loans Page

5 FARM RECEIPTS A Date B Sold To C Item D Quantity E Received F Deposited Crops Milk (see worksheet) Livestock (see worksheet) Custom Work Government Payments (see worksheet) 0 0 Page

6 0 0 T Livestock Products (wools, hides, etc.) Poultry and Eggs Other Farm Income (list type) Non-Farm Income (list type) Loans Page

7 FARM RECEIPTS A Date B Sold To C Item D Quantity E Received F Deposited Crops Milk (see worksheet) Livestock (see worksheet) Custom Work Government Payments (see worksheet) 0 0 Page

8 0 0 T Livestock Products (wools, hides, etc.) Poultry and Eggs Other Farm Income (list type) Non-Farm Income (list type) Loans Page

9 FARM RECEIPTS A Date B Sold To C Item D Quantity E Received F Deposited Crops Milk (see worksheet) Livestock (see worksheet) Custom Work Government Payments (see worksheet) 0 0 Page

10 0 0 T Livestock Products (wools, hides, etc.) Poultry and Eggs Other Farm Income (list type) Non-Farm Income (list type) Loans Page

11 FARM RECEIPTS A Date B Sold To C Item D Quantity E Received F Deposited Crops Milk (see worksheet) Livestock (see worksheet) Custom Work Government Payments (see worksheet) 0 0 Page

12 0 0 T Livestock Products (wools, hides, etc.) Poultry and Eggs Other Farm Income (list type) Non-Farm Income (list type) Loans Page

13 FARM RECEIPTS A Date B Sold To C Item D Quantity E Received F Deposited Crops Milk (see worksheet) Livestock (see worksheet) Custom Work Government Payments (see worksheet) 0 0 Page

14 0 0 T Livestock Products (wools, hides, etc.) Poultry and Eggs Other Farm Income (list type) Non-Farm Income (list type) Loans Page

15 INCOME Milk Sales and Deductions (Worksheet) 0 0 Date Page Gross Trucking Feed Supplies Dues Debt Repayment Net Milk Check Received

16 INCOME Government Payments (Worksheet) Date Soil Bank Payments Received Date Agricultural Payments Received Date Received Face Value Cost (if purchased) CCC Loan Rate Per Bushel Commodity Certificates If used to reduce CCC loan, enter the posted county price per bushel Date (if sold) (if sold) Page

17 INCOME Sale of Livestock (Worksheet) 0 0 Date Sold to Qty. or ID Dairy Cows Heifers Cattle Steers Calves Page

18 0 0 T Sows Boars Swine Other Breeding (Type) Sales Price Other Markets (Type) Sales Price Date Purchased Cost (X) if Raised Page

19 INCOME Sale of Livestock (Worksheet) 0 0 Date Sold to Qty. or ID Dairy Cows Heifers Cattle Steers Calves Page

20 0 0 T Sows Boars Swine Other Breeding (Type) Sales Price Other Markets (Type) Sales Price Date Purchased Cost (X) if Raised Page

21 FARM EXPENSES 0 0 Page 0 Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

22 Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T Page

23 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

24 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

25 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

26 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

27 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

28 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

29 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

30 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

31 FARM EXPENSES 0 0 Page 0 Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

32 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

33 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

34 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

35 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

36 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

37 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

38 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

39 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

40 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

41 FARM EXPENSES 0 0 Page 0 Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

42 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

43 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

44 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

45 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

46 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

47 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

48 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

49 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

50 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

51 FARM EXPENSES 0 0 Page 0 Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

52 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

53 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

54 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

55 FARM EXPENSES 0 0 Page Date Paid To Check No. or Cash (X) Expenditures Auto and Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer and Lime Freight and Trucking Gasoline and Fuel Oil

56 Page Insurance Interest Hired Labor Machine Hire Rent, Farm, and Pasture Repairs Seeds and Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expense (Describe) 0 0 T

57 EXPENSES Wage Record Date Name Check No. Gross Wages Federal Tax Withheld Soc. Sec. Tax Withheld Medicare Tax Withheld State Tax Withheld Other Other Net Wages Paid Page

58 EXPENSES Wage Record Continued Date Name Check No. Gross Wages Federal Tax Withheld Soc. Sec. Tax Withheld Medicare Tax Withheld State Tax Withheld Other Other Net Wages Paid Page

59 EXPENSES Auto and Truck (Gross Vehicle Weight less than,000 lbs.) Enter all expenses related to your automobiles and small trucks. You must be able to substantiate the business use of these vehicles. Written records with expenses recorded at or near the time they are incurred are the most acceptable. Records are not required for vehicles that are clearly used most of a normal business day for business if you are willing to accept a % business use percentage of these vehicles. Vehicle # Odometer Reading Beginning of Year Odometer Reading End of Year Business Miles (per log) Vehicle # Odometer Reading Beginning of Year Odometer Reading End of Year Business Miles (per log) Date Check No. or Cash (X) Description Paid To Vehicle # Vehicle # Page

60 EXPENSES Auto and Truck (Gross Vehicle Weight less than,000 lbs.) Enter all expenses related to your automobiles and small trucks. You must be able to substantiate the business use of these vehicles. Written records with expenses recorded at or near the time they are incurred are the most acceptable. Records are not required for vehicles that are clearly used most of a normal business day for business if you are willing to accept a % business use percentage of these vehicles. Vehicle # Odometer Reading Beginning of Year Odometer Reading End of Year Business Miles (per log) Vehicle # Odometer Reading Beginning of Year Odometer Reading End of Year Business Miles (per log) Date Check No. or Cash (X) Description Paid To Vehicle # Vehicle # Page

61 EXPENSES Auto and Truck (Gross Vehicle Weight less than,000 lbs.) Enter all expenses related to your automobiles and small trucks. You must be able to substantiate the business use of these vehicles. Written records with expenses recorded at or near the time they are incurred are the most acceptable. Records are not required for vehicles that are clearly used most of a normal business day for business if you are willing to accept a % business use percentage of these vehicles. Vehicle # Odometer Reading Beginning of Year Odometer Reading End of Year Business Miles (per log) Vehicle # Odometer Reading Beginning of Year Odometer Reading End of Year Business Miles (per log) Date Check No. or Cash (X) Description Paid To Vehicle # Vehicle # Page 0

62 PROPERTY PURCHASED Enter the following: Machinery, trucks, autos; draft, dairy, or breeding animals; major repairs to buildings and fences; other major improvements to the business portion of your property; land clearing expenses; and Commodity Certificates. Date Check No. or Cash (X) Partial or Full Payment Description Paid To (Name and Address) Purchase Price Page

63 TRADES AND EXCHANGES Date of Trade Item Received Item Traded Received to Boot Paid to Boot Page

64 LIVESTOCK PURCHASED Enter the cost of feeder stock purchased. Date Check No. or Cash (X) Description Paid To Paid Page

65 CASUALTY LOSSES AND INVOLUNTARY CONVERSIONS Enter losses of business property caused by fire, wind, lightning, storms, death by sickness, and other casualty losses. Theft losses may also be entered. DO NOT ENTER personal losses. Date of Casualty Describe Property and Casualty Date Acquired Cost Salvage Value Insurance Reimbursement to Repair/Replace Check No. or Cash (X) BAD DEBT AND LOSSES Enter information on business debts owed to you that are uncollectible. Page

66 ANNUAL SUMMARY OF CASH RECEIPTS Month Received Crops Milk Livestock Custom Work Government Payments Livestock Products Poultry and Eggs Other Farm Nonfarm Loans January February March April May June July August September October November December T Page

67 ANNUAL SUMMARY OF CASH EXPENSES Month Expenditure Auto & Truck Expense Breeding Fees Chemicals Feed Purchased Fertilizer & Lime Freight & Trucking Gasoline & Fuel Oil Insurance Interest January February March April May June July August September October November December T Personal Share Farm Share Page

68 Month Hired Labor Machine Hire Rent, Farm, & Pasture Repairs Seeds & Plants Storage & Warehouse Supplies Taxes Utilities 0 Vet Other Expenses (Describe) January February March April May June July August September October November December T Personal Share Farm Share Page

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