Recordkeeping after a Disaster
Farm Management Resources
Recordkeeping is a fundamental piece of any operation. It is important to keep accurate records all the time, but especially when a disaster strikes.
Recordkeeping can be stressful and maybe overwhelming, but it is an important part of any operation.
- Monitor the progress of your business
- Prepare financial statements
- Identify sources of income
- Keep track of deductible expenses
- Keep track of your basis in property
- Prepare your tax returns
- Support items reported on your tax return
Source: IRS
Download the Recordkeeping Resource Guide
There are multiple types of records and items that need to be recorded. Depending on your operation will depend on the types of records you keep.
Production
- Livestock
- Identification, weights, date of birth, pregnancy rates, calving rates, death loss rate, average weaning weigh, average daily gain
- Crop
- Yields, inputs, pesticide application, irrigation, planting and harvest dates
- Labor
- Paid and unpaid
- Weather
- Precipitation, wind, storm events
Financial
- Income and expense receipts
- Invoices, checks, bank statements
Source: University of Wisconsin-Madison
Just like there are multiple types of records, there are multiple options for methods of keeping records. It is important that you use the method that works best for you and your operation.
Paper - This method requires more time and attention to detail. There is more room for errors. There is minor cost associated with this method.
- “Shoe Box” Method
- Pen and Paper
- Ledger Book
Electronic - This method requires the user to have basic computer skills. These programs can do calculations for the user. This method may take time to learn and users need to ensure they accurately enter information. This method can have varying financial obligation depending on the platform chosen.
- Software Packages
- Spreadsheets
Outsourcing - This method will have a financial obligation. It is important to do research and find a professional that works well with you and your records.
- Hire a professional
Source: University of Wisconsin-Madison
After a disaster it is important to rebuild records. This can be a time intensive, but important process. Below are a few tips for rebuilding tax records, financial statements, property records, and personal records.
Tax Records
- Taxpayers can get free tax return transcripts immediately using Get Transcript on IRS.gov.
- If there is no internet access, taxpayers can order transcripts by calling 800-908-9946 and following the prompts.
Financial Statements
- Reach out to credit card company or bank.
Property Records
- Property documents - try contacting the title company, escrow company or bank that handled the purchase of the home or other property.
- Home improvements - Individuals who made home improvements can get in touch with the contractors who did the work and ask for statements to verify the work and cost. They can also get written descriptions from friends and relatives who saw the house before and after any improvements.
- Inherited property - Those who inherited property can check court records for probate values. If a trust or estate existed, taxpayers can contact the attorney who handled the trust.
- No records - People with no records available should check the county assessor's office for old records that might address the value of the property.
- Vehicles - Vehicle owners can research the current fair-market value for most vehicles. Resources are available online and at most libraries.
Personal Records
- Proof of residency/address - Contact local utility company to obtain a recent bill.
- Birth Certificate - Contact birth state or territory’s vital records office. Find yours here.
- Driver Licenses and ID’s - Visit local Department of Motor Vehicles. You may need to provide additional documentation.
- Copies of Insurance Policies - Contact insurance agent or insurance company.
- Social Security Card - Social Security Administration
- Medicare Cards - Social Security Administration
- Military Records – Veterans Service Records
- Green Card Replacement - U.S. Citizenship and Immigration Services
- Medical and Prescription Records - Contact doctor, clinic and/or pharmacy
Taxpayers can find news about disaster tax relief specific to their area on the Around the Nation page of IRS.gov.