As the year draws to a close, farmers are focusing on tax preparation and financial organization. Dakota College-Bottineau Farm Business Management Instructor Morgan Stutrud says keeping records up to date can make year-end tax prep much easier. “Good record keeping is everything, and it makes this time of year go so much smoother.” Stutrud also encourages farmers to set aside time periodically to review their records and work with farm management instructors as a second set of eyes. “Finding just an hour every few weeks or once a month to sit down and make sure everything’s in its right spot, adding up, making sense, that way at the end of the year you’re not overwhelmed with this massive pile of receipts.” Stutrud says it’s never too late to start getting organized.
