Forestry 101: Maintaining Records

Whether you use a shoe box or a well-organized journal, it’s important that you establish a system for tracking your management activities and saving associated documentation. Keep important records such as your property deed and map, contracts, contractors’ proof of insurance, receipts, warranties and permits where you can easily find and reference them. Good records can lead to better management decisions and are essential for reporting income and expenses for income tax purposes.

Learn more about the records you should keep and why you should keep them in the articles below. Be sure to consult your accountant, attorney and/or forester for information and advice specific to your property.

 

Keeping Records of Forest Management Activities (Penn State Cooperative Extension)
This publication is primarily for landowners whose main source of income is not from the forested property. It introduces you to record-keeping, what to record and simple recording systems.

Setting up the Books: A Forest Owner’s Guide to Capital Accounts and Record-keeping for Federal Income  (University of Tennessee)
Forest owners have a number of federal income tax incentives available to them that encourage timber production. This publication assists with the first steps toward taking full advantage of these incentives