Behind on Your 2024 Farm Taxes? How FarmRaise Tracks Can Get You Caught Up

If you haven’t done a thing for your farm business taxes yet, don’t panic. You’re not alone, and we’ve got your back. With FarmRaise Tracks, you can go from overwhelmed to organized in minutes. Our farm finance tool simplifies recordkeeping, tax preparation, and business tax filing, helping you track expenses, generate reports, and even prepare most of your tax return—all with just a few clicks.

Why Farmers and Ranchers Need FarmRaise Tracks for 2024 Taxes

1. Instantly Link Your Bank Accounts

With FarmRaise Tracks, you can connect your farm business bank accounts and pull in transactions as far back as two previous years (depending on your bank). That means all of your last year's farm income and business expenses can be categorized in minutes, even if you haven't kept up with record keeping throughout the year.

2. No Bank Connection? No Problem! Bulk Import Your Data

If your bank doesn’t allow you to pull transactions back to January 1, 2024, don’t worry—we’ve got you covered. Simply download your bank and credit card statements as Excel files, convert them to CSVs, and upload them to FarmRaise Tracks in minutes for tax purposes.

3. Categorize Transactions to Schedule F in Minutes

Sorting through farm business expenses can be overwhelming, but with bulk categorization, you can quickly organize your farm income and business expenses under the correct Schedule F categories. Even better, you can create custom categories under IRS Schedule F to tailor your financial statements to your farm’s unique needs.

4. Generate Farm Reports That Make Tax Time a Breeze

FarmRaise Tracks allows you to create custom financial statements for your tax professional that showcase your farm income and farm business assets. Need a balance sheet? Add your assets and liabilities, including farm equipment and real estate, and generate a 2024 balance sheet instantly.

5. Prepare Your Schedule F in Minutes

With FarmRaise Tracks, you can generate a near-complete IRS Schedule F—everything except depreciation (Line 14), Section 179 deductions, and self-employment tax calculations—based on your transaction data. Just export your Assets sheet, and you’re ready to hand it over to your tax professional.

6. Track Receipts with Ease

Stop digging through shoeboxes of receipts at tax season. With FarmRaise Tracks, you can upload pictures, PDFs, or any other receipts directly in the app, keeping all your records in one place for tax purposes.

7. Capture Personal Tax-Deductible Expenses

Farmers and ranchers often have business expenses that qualify for taxable income deductions. FarmRaise Tracks makes it easy to separate and track costs like insurance premiums, health insurance, property taxes, and conservation expenses, ensuring you don’t miss any exemptions.

8. Find Farm Tax Credits and Program Payments

Did you know that your state department of agriculture or USDA may offer program payments and farm tax credits? Use the FarmRaise Funding Library to find business tax credits related to conservation practices, farm products, and inputs, which you can discuss with your tax professional to maximize savings.

Get Expert Help – Schedule a Call Today!

Feeling stuck? You’re not alone. Our Farmer Success Team is here to help you get everything set up quickly. Need professional tax preparation assistance? Work with one of our farm business tax professionals to ensure everything is in order for IRS compliance.

Go From Nothing to Done—Fast

Tax season doesn’t have to be stressful. With FarmRaise Tracks, you can go from nothing to done faster than you can say FARMRAISE!

And once you’re set up, next year will be even easier. Work little by little each week or month to stay ahead and save yourself time and money. It’s a no-brainer!

Generate your Schedule F, create custom reports, and make your accountant fall in love with you again.

Get started today with FarmRaise Tracks and stay ahead of the IRS tax law for your farm business! For more guidance, visit irs.gov.

Ready to get started with FarmRaise Tracks to get your finances on track? Use code IT3H12B for 20% off or click here to get started.

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