Success StoryFarm Recordkeeping
Farm Recordkeeping
Author: Traci Johnson
Planning Unit: Todd County CES
Major Program: Farm Management, Economics and Policy
Plan of Work: Agriculture Production and Management
Outcome: Intermediate Outcome
Although farm recordkeeping is vital to farm operations to improve management, measure profitability, file taxes accurately, and gain access to credit -- it often doesn’t get the attention it demands. To help farmers better understand and use recordkeeping, the Todd County Extension Agriculture Agent organized a Farm Recordkeeping program, taught by an Area Extension Specialist for Farm Business Management.
The program was promoted for beginning and experienced farmers, plus those taking over the reins of a farming operation. Twenty-eight people participated in the April 2025 program and learned about:
- Ag Sales Tax Exemption and Kentucky Sales Tax Changes
- Records Needed to Prepare for Tax Season
- Special Tax Considerations
- Financial Statements
- Records Needed to Evaluate Production
Verbal feedback from farmers following the Farm Recordkeeping program included:
- “The class confirmed several things for me, most importantly that we have been filing taxes correctly.”
- “Getting the farm record book was really good for me. I don’t use computers like my farming partner does. I have been using the book to write down things and give to him for computer entry. This has improved our overall recordkeeping”
- “I didn’t know about the Ag Exemption Number expiration or how to navigate before hearing this talk.”
- “The talk really helped me understand what to look for and the papers I needed to keep for filing taxes.”
Because of this feedback and interest in farm business topics, a program on Evaluating Mid-Year Cash Flow Needs will be offered in July 2025.
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