Editor’s note
The following abstract describes a publication that is only available for purchase from this webpage or your local MU Extension center.
This publication is being revised. Orders are currently being accepted and will ship in mid-December.
This record book is for Schedule F Receipts and Expenses but contains supplementary information for completing Schedule 4797 and the nonfarm income portion of form 1040. A register for payroll taxes, basis in livestock and other goods for resale, and money borrowing and principal repayment are also included.
Farmers and other business owners often pay more taxes than required simply because of omitted business expenses or deductions. Failing to report $10 of expense will cost you about $3 in additional income taxes. Establishing an organized system for record keeping will prevent these tax leaks.
This farm record book is designed for aid in income tax reporting on a cash basis only. It is a yearly record of cash received and paid.
Missouri farm accounting resources
Topics
- Recordkeeping system
- Cash paid
- Cash received
- Income tax reporting
- Cash basis only
Pages
- 48