# Taxes?



## victory (Mar 2, 2010)

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...


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## PaulNKS (Jan 11, 2009)

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.


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## Lazy J (Jan 2, 2008)

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


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## victory (Mar 2, 2010)

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


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