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<blockquote data-quote="1982vett" data-source="post: 1306777" data-attributes="member: 7795"><p>To clarify on the Rural King thing....if the state recognizes it as an agricultural expense for taxes, you can bet the federal government does too. Just don't let that be the final word. Their are quite a few things the state taxes that are also legitimate farm expenses.</p><p></p><p>Now for the tickets that you have mixed personal expenses AND farm expenses. Yeah it's a pain to go through all of them now to break out. I'm at my desk right now typing this. I have also caught up my bookkeeping for the past day while its fresh on my mind which means I have gone through my purchases for yesterday and entered them into a bookkeeping program. Highlighted and categorized the items on the tickets. I even go so far as to make a copy so as to keep the file folder neater and easier to go back and find if needed. I write few checks these days, but when I do indicate what it was for. I try to use one credit card for the farm....Ideally I would only charge farm stuff to it but that's not likely to happen. What I'm trying to get across is record keeping is part of your farm JOB. It's important financial records up to date as well as animal health and production records. If doing it as you go you are less likely to forget or miss something. Starring at a ticket or note trying to remember what it was for nearly a year ago isn't fun at all. Now, while you are going through your pile of receipts....those item you bought for farm use on "mixed" tickets" AND paid sales tax on them. Yeah...figure that sales tax, note it on the ticket and use it. </p><p></p><p>Dad was a God fearing man....I think the only thing he feared more was the IRS. He once was one of the "shoebox" guys. He took his stuff in and they sorted it all out and Dad paid for that service. When I was 12 or 13, his accountant sat down with me and showed me how to organize his records and enter them into a ledger to save Dad the money and them the time it took for them to do it. All they had to do is check my work. I'll tell you, it is a lot easier these days with computer programs to do the math. Setting at a desk trying to total a spreadsheet and get it to balance with a pencil and scratch paper...................OH MY GOD. :lol: </p><p></p><p>Sorry if that sounded like a sermon. <img src="data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7" class="smilie smilie--sprite smilie--sprite8" alt=":D" title="Big grin :D" loading="lazy" data-shortname=":D" /></p></blockquote><p></p>
[QUOTE="1982vett, post: 1306777, member: 7795"] To clarify on the Rural King thing....if the state recognizes it as an agricultural expense for taxes, you can bet the federal government does too. Just don't let that be the final word. Their are quite a few things the state taxes that are also legitimate farm expenses. Now for the tickets that you have mixed personal expenses AND farm expenses. Yeah it's a pain to go through all of them now to break out. I'm at my desk right now typing this. I have also caught up my bookkeeping for the past day while its fresh on my mind which means I have gone through my purchases for yesterday and entered them into a bookkeeping program. Highlighted and categorized the items on the tickets. I even go so far as to make a copy so as to keep the file folder neater and easier to go back and find if needed. I write few checks these days, but when I do indicate what it was for. I try to use one credit card for the farm....Ideally I would only charge farm stuff to it but that's not likely to happen. What I'm trying to get across is record keeping is part of your farm JOB. It's important financial records up to date as well as animal health and production records. If doing it as you go you are less likely to forget or miss something. Starring at a ticket or note trying to remember what it was for nearly a year ago isn't fun at all. Now, while you are going through your pile of receipts....those item you bought for farm use on "mixed" tickets" AND paid sales tax on them. Yeah...figure that sales tax, note it on the ticket and use it. Dad was a God fearing man....I think the only thing he feared more was the IRS. He once was one of the "shoebox" guys. He took his stuff in and they sorted it all out and Dad paid for that service. When I was 12 or 13, his accountant sat down with me and showed me how to organize his records and enter them into a ledger to save Dad the money and them the time it took for them to do it. All they had to do is check my work. I'll tell you, it is a lot easier these days with computer programs to do the math. Setting at a desk trying to total a spreadsheet and get it to balance with a pencil and scratch paper...................OH MY GOD. :lol: Sorry if that sounded like a sermon. :D [/QUOTE]
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