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Macon, IL | I have only been farming 4 years.
What I have done is just reported as recipts is what I recieved in the actual check from elevator-not the total amount but the amount after checkoff, drying, and storage.
Now I haven't been deducting checkoff drying and storage as expenses so I think I am ok in the end for the final amount.
I guess my question is should I be reporting the gross amount recieved and then showing drying and checkoff as expenses or is what I have been doing ok?
Edited by pbutler 3/8/2007 14:28
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Stupid Tax Question
