Farm Bookkeeping and the Federal Income Tax

Bureau of Agricultural Economics and Extension Service

No 316039, Miscellaneous Publications from United States Department of Agriculture, Economic Research Service

Abstract: Excerpts from the report: The purpose of this statement on Farm Bookkeeping and the Federal Income Tax is to help farmers understand some of the problems involved in making adequate summaries of the farm business for Federal income-tax returns. This is not a set of directions for setting up a system of farm accounts, nor is it a complete set of instructions for filling out an income-tax blank. Those setting up farm accounts for special management purposes probably will wish to consult with Extension Service specialists or others who are qualified to help. The discussion that follows is concerned primarily with the bookkeeping necessary to determine the net farm profit. The references to other personal income and deductions are intended mainly to suggest a few of the reasons why a systematic record of nonfarm personal and family items also can be helpful in the preparation of an income-tax return.

Keywords: Farm Management; Financial Economics (search for similar items in EconPapers)
Pages: 18
Date: 1944-10
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uersmp:316039

DOI: 10.22004/ag.econ.316039

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