Farm Tax Planning Checklist: What to Gather for Year-End
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Make Tax Time Easier With This Farm-Specific Checklist
Getting ready for tax season doesn’t have to be overwhelming – especially when you know what to gather, when to submit it and who to turn to for help. Compeer Financial’s tax and accounting team created this checklist to help farmers and ag business owners stay organized, prepared and on track before year-end deadlines hit.
Whether you’re a long-time client or planning to work with us for the first time, these steps simplify the process and give you more clarity heading into the new year.
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Monthly: Stay on Track With These Items
Each month, plan to submit the previous month’s financial materials by the end of the following month. For example, January records are typically submitted by February 28.
Make sure to include:
- Farm bank statements and/or online banking access
- Deposit slips with income sources clearly labeled
- Income check stubs from milk, grain, livestock, poultry, patronage or insurance claims
- Checkbook registers or cancelled checks with expenses coded (feed, fertilizer, diesel, supplies, etc.)
- Cash slips or personal/family checkbook expenses used for the farm
- Credit card statements with expenses coded (feed, fertilizer, gas or diesel, custom work, etc.) including cards for John Deere Financial, CNH Productivity Plus
- Monthly co-op statements
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Year-End Essentials to Gather
In addition to monthly materials, make sure these key items are submitted for year-end planning:
- Asset sale details like equipment make and model, price sold for or real estate closing statements
- New 1099 vendor, renter, custom hire or veterinarian information, including completed W-9s
- Loan balances and terms for any farm-related loans not held with Compeer
- Copy of current depreciation schedule
- Prior year’s 1099s and tax return
- Payroll/employee information, including completed W-4s
- Tax system login info, such as EFTPS, My Tax Account (WI) or DWD access credentials
New to Compeer's Accounting Services?
If this is your first year working with us, we’re glad you’re here. In addition to the items listed above, please include your final bank statement from the previous year and any documents that help explain your current accounting system.
Not sure where to start? Your Compeer ag accounting specialist can walk you through it step by step.
Make Year-End Planning Easier
When you partner with Compeer, you get more than tax support – you get a team that understands how farms operate and what financial planning really looks like in agriculture.
We support clients across our entire service area with flexible options, whether in-person, virtually or on your farm.
Let’s work together to simplify your year-end process and help you move into the new season with confidence.
Farm Accounting Services
Streamline farm finances with expert recordkeeping, reporting, payroll and on-farm support with our accounting team.
Farm Tax Services
Reduce surprises and build a smarter farm tax strategy with ag-focused expertise and year-round support.
