Operating income and expenses
Keep farm and ranch income, livestock activity, operating costs, and mileage separated from household records when possible.
- Livestock sales and purchases
- Feed, fuel, seed, supplies, repairs, and veterinary costs
- Mileage and vehicle records
- Custom work or agricultural service income
Equipment, land, payroll, and bookkeeping
Large purchases, equipment sales, payroll, contractor labor, and bookkeeping reports can all affect the year-end tax picture.
- Equipment purchases, sales, leases, and repairs
- Land-related expenses if applicable
- Payroll and contractor records
- Bookkeeping reports or account summaries