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Contact Information

Craig Wood, Ph.D
Acting Associate Dean & Director
UK Cooperative Extension Service

S-107 Ag. Science Center North Lexington, KY 40546-0091

+1 (859) 257-4302

craig.wood@uky.edu

Impacts

Contact Information

Craig Wood, Ph.D
Acting Associate Dean & Director
UK Cooperative Extension Service

S-107 Ag. Science Center North Lexington, KY 40546-0091

+1 (859) 257-4302

craig.wood@uky.edu




Fiscal Year:
Jul 1, 2020 - Jun 30, 2021


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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