But seven intend to increase plantings. For soybeans, only one grower will plant fewer acres of Roundup Ready beans, five will grow the same, and six plan to increase acreage. Now is when many farmers realize their production and financial records fall short of what they need for quick and easy tax preparation. Instead of waiting until next January to worry about tax records, spruce up your recordkeeping now while the faults of your current system still linger in your mind. You ll find it increasingly important to keep a good financial picture of the farm operation, to help in everything from securing loans to preparing taxes to analyzing profitability of farm enterprises.
Computers offer a neat and orderly approach to recordkeeping at an affordable price.
And the price of computers and software are falling rapidly. You can also benefit from the latest technological and financial expertise through online information services. Find an online broker or financial services site that gives daily news and support critical in today s rapidly changing markets. Choose software that allows you to maintain a full set of books, in both the cash and accrual methods of accounting. This is especially helpful in tax planning.