How to file for a farm tax number
Farm Taxes Made Easy - Download Expense Tracker
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welcome to the rigging farm youtube
channel in this video we'll show you how
easy it is to track farm expenses in
preparation for tax season
filing taxes can seem complicated and be
very overwhelming
when running a farm you have to fill out
a schedule f tax form when filing your
taxes
in this video we're going to focus on
part 2 which is for farm expenses
make sure you subscribe if you don't
already because we'll also be posting a
video to make tracking farm income very
simple
as you can see there are several
categories where your expenses need to
go and separating them out in those
categories when preparing your taxes can
be a nightmare
that's why we used google sheets to
create a super simple spreadsheet to
track all our expenses throughout the
year
keeping up on a daily weekly or even
monthly basis will be much easier than
doing it all at once
we already have 2022 set up but when you
need to start a new year just right
click on the template duplicate it and
rename it for the year you need to track
we're going to show you a quick example
of how it works let's say you bought
some chicken feet at tractor supply for
19.99
on january 2nd
type in the date what you bought where
you got it how much it cost and then
click on the category drop down to
select feed
it added
19.99 to the feed category on the right
and shows your total expenses for the
year to be 19.99
we also threw in this handy mileage
tracker let's say you drove 20 miles
round trip to tractor supply
the mileage rate changes every year in
2022 it's 58.5 cents per mile so we'll
type in
0.585 just this one time for the whole
year
it calculates your running total and
shows you the amount you'll get to
deduct
now let's say on the 5th of january you
ordered 10 baby chicks from hoover's
hatchery for 50
type in the information and click on the
livestock category
don't forget to track the mileage when
you pick them up from the post office
so what if your business partner came to
you with a receipt for some feeders
purchased at tractor supply from a few
weeks ago
enter in the expense and mileage as
usual and then select all of the
purchases from the date to the category
right click go to view more actions then
click sort range make sure it says sort
from a to z and then click sort it will
put all of your expenses in
chronological order
the same thing can be done for the
mileage
we are very transparent with everything
we do on our farm so we're going to show
you the report for rigging farm for the
first few weeks of 2022 feel free to
comment below with any questions you may
have about how this spreadsheet works
you may be asking how can you get this
amazing document well we're going to
show you
open your favorite web browser and type
in www.page
forward slash riggan farm
patreon is a website that allows you to
support creators in exchange for cool
perks our patrons who support us with
five dollars or more per month gain
access to every document we create once
you join in your preferred level of
membership you can find our post about
the farm expense report click to
download the template and open in google
sheets or microsoft excel
here you can see some of the other perks
you can get by becoming a reagan farm
patron
you can get early access to our videos
exclusive voting power with polls we
post about different things happening on
the farm and you can even name one of
our new animals we get on the farm and
just a heads up we'll be getting two
farm kittens very soon so join now to
pick a name for one of them
as we mentioned earlier we'll also be
making a farm income tracker soon so our
patrons will also have access to that
when it becomes available
thank you so much for watching we hope
you are able to make tracking your farm
expenses much simpler after watching
this video make sure you subscribe if
you don't already to keep up with all
the happenings here on reagan farm we'll
see you next time
[Music]
you
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