Taxes?

[victory]

I wasn't sure where to post this. So I will start here and see where the responses lead me.
We have been running our little farm for 7 years now, and have not filed form f on our taxes. We have new insurance now, and can only get the farm rate for the insurance if we file form f....so..my question is , do any of you have ideas on from f??? I did not keep good records last year, is there a standard deduction for it???
Thanks so much, if there is another place I should be putting this..please advise...

[PaulNKS]

When you say "form f", there is no "form f". I'm going to assume you are talking about Form 1040 Schedule F?

There is no standard deduction as far as I know. All you can do is go back through receipts, checkbook, bank statement, etc. If you are a member of a coop and did your business with them, many of them will supply you with a "Volume Statement" which shows what you spent with them in each of the categories.

This is a good example of keeping good records when "farming". It can be a pain if you don't.

If you can't supply documentation to prove your deductions, then you're just "out in the cold" if you claim any and get audited.

I keep all my records on a spreadsheet. I have a column for each category on each of the IRS forms that have to be filed. At the end of the year, I just copy the totals of each column to the form and I'm finished. It doesn't take long. (Just something to think about for planning your future record keeping).

Good luck.

[Lazy J]

This has been covered recently in this thread: Farming and Taxes Thread

[victory]

thanks for the links!1 Very helpful, this year will be the great tax year for me!!!