Get Farm Income And Expense Worksheet

The Farm Income And Expense Worksheet is an essential document for farmers to track their financial performance. This guide provides step-by-step instructions to help users fill out the form accurately and efficiently online.

Follow the steps to complete your worksheet with ease.

1. Click ‘Get Form’ button to retrieve the form and open it in your editor.
2. Enter your name and identification number in the designated fields at the top of the worksheet. Provide your principal activity and the product produced on your farm, ensuring clarity and precision.
3. In the 'Farm Income' section, list items sold under 'Sale of livestock and other items purchased for resale.' For each item sold, provide the associated costs and amounts received.
4. Continue filling out the 'Sale of Raised Livestock and Produce' section, listing all applicable livestock and produce categories along with the amounts received.
5. Complete the 'Other Farm Income' section by detailing any additional income sources such as agricultural program payments or crop insurance proceeds.
6. Next, move to the 'Sale of Livestock (Draft, Breeding, Dairy, or Sport)' area. Here, input details regarding the sale of specific livestock types, machinery, equipment, or land, including dates sold and selling prices.
7. In the 'Major Purchases and Improvements' section, document any significant purchases, including the item name, purchase date, and cost (including sales tax). Ensure that the items logged align with the previous year's depreciation schedule.
8. Proceed to the 'Farm Expenses' section. Here, outline all expenses incurred, categorizing each by relevant items such as breeding fees, feed purchased, labor hired, and more. Input the amount for each expenditure.
9. Fill out the 'Car and Truck Expenses' section with details regarding vehicle purchases, mileage, and other relevant vehicle-related costs to ensure a comprehensive view of transportation expenses.
10. Once all sections are thoroughly completed, review your entries for accuracy. You may then save your changes, download a copy, print the worksheet, or share it as needed.

Begin filling out your Farm Income And Expense Worksheet online today for an organized overview of your farm finances.