Show service economist cites need for adequate records utah farmers were encouraged this week by utah agricultural extension tells I 1 on service economist 0 alvin carpenter to keep adequate records as an aid in hi filling out the 1943 income tax statement more farm people eople than ever before fo r e will be fring filing tax returns in march maich tor for the total faun farin income in 1942 Is headed for a new high and personal exemptions are likely to be lower than the 1500 in effect last year the economist explained tile the filing of a return calls for statements of fact that can bo be proven and evidence to support statements Is important this evidence may come in the form of bills of sales receipts lor for expenditures and ana various memoranda of receipts and expenses tile the easiest way to have this evidence when it Is needed Is to have a written record of business dealings as t they I 1 ley occur the content Is far more important than the form and now I 1 Is s not too soon to start developing ve these reports economist carpenter stated i farmers who have kept no formal books and who are arc reporting income for the first amo must report on a cash basis they are required to report actual receipts and expenses for tile the farni farm business and must develop a depreciation plan covering farm buildings improvements equipment arid and other items representing capital investment farm account books esp especially e bially adapted to conditions on utah farms may be obtained at cost of printing from the agricultural extension service the said besides the value in pre preparing paring income tax returns the keeping of records Is useful in analyzing tho financial results of farm operations business judgment developed by using farm business records has helped to increase the income of many farmers he concluded |