Farm Inventory and Accounting Methods
Most businesses use either the cash method or the accrual method of accounting. Most small farming businesses use the cash method of accounting. This handout covers other accounting methods and inventory valuation issues unique to the farming business.
HIGHLIGHTS:
- Uniform Capitalization Rules.
- Inventory Valuation Methods.
- Crop Method of Accounting.
Farm_Inventory_and_Accounting_Methods_2021.pdf
Farm Vehicles and Fuels
This handout provides a method for farmers to keep track of fuel expenses. It also explains the requirements for claiming fuel tax credit and refund.
HIGHLIGHTS:
- Record of fuels used for farming.
- Farm vehicles.
- Standard mileage rate and actual expense method.
- Five or more farm vehicles.
- Business use percentage.
- Fuel tax credits and refunds.
Farm_Vehicles_and_Fuels_2021.pdf
Farm Income Worksheet
HIGHLIGHTS:
- Agricultural Program Payments
Farm_Income_Worksheet_2021.pdf
Farm Expenses Worksheet
HIGHLIGHTS:
- Prepaid Farm Supplies
- Real Estate Taxes on Farm Land
- Soil and Water