Revised November 2006

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FM6701, Missouri Farm Tax Record: Part 1, Cash Paid-Cash Received

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Missouri Farm Tax Record: Part 1, Cash Paid-Cash Received

Editor's note
The following abstract describes a publication that is only available for purchase. A link to ordering information is on this page.

This record book is for Schedule F Receipts and Expenses, Schedule 4797, 1040 Non-Farm Income, 1040 Schedule A Deductions, Social Security Tax Record, costs of animals etc. bought for resale, and money borrowed and repaid.

Farmers generally pay more taxes than required simply because they fail to record some expense or deduction. Forgetting $10 of expense will cost you about $2. Establishing an organized system for record keeping will prevent these tax leaks.

This farm account book is designed for aid in income tax reporting on a cash basis only. This cash basis income tax record system consists of two separate bound books. Part 1 is the yearly record of cash received and paid. The second part of this record keeping system, FM6702, Missouri Farm Tax Record: Part 2, Four-Year Depreciation Records, is a four-year depreciation record of machinery, buildings, and purchased breeding livestock.

Keywords

  • Record keeping system
  • Cash paid
  • Cash received
  • Income tax reporting
  • Cash basis only

Pages

  • 58

FM6701, revised November 2006


FM6701 Missouri Farm Tax Record: Part 1, Cash Paid-Cash Received | University of Missouri Extension