The Farmville Herald

Farmers Urged To Keep Reliable Records Of Farm Income-Outgo

Your social security office urges farmers to make a special effort to keep good reliable records of their farm income and expenses. The earnings credited to the social security accounts of farm operators are taken from their income tax specifically, from Schedule F of Form 1040. The schedule lists the gross income and itemized expenses. Social Security benefits which may be payable on retirement, death or in the case of a disability, are based on the earnings credited to each person's social security account. Accurate records are needed to make sure the farmer gets proper credit for his earnings and gets his correct benefit amount. Accurate records will also simplify and speed up processing of applications for benefits. Farmers are advised to keep records of income and expenses as they are incurred, throughout the year, rather than risk an inaccurate statement when the year is over. For further information, or assistance see your social security representative at the Courthouse in Farmville on Wednesday of each week from 10 a.m. until 12 noon, and at the Courthouse in Buckingham on the first, second and third Thursday of each month from 10 a.m. until 12 noon.