An upcoming virtual workshop series for Midwestern farm and ranch women will teach the basics of tax planning for agricultural operations. Hosted by women in agriculture extension programs at the University of Nebraska-Lincoln, Kansas State University, and Purdue University, the three-part series will be held from 7:30 to 9 pm Eastern time (6:30 to 8 p.m. Central time) on Nov. 28, Dec. 5 and Dec. 12.
A comprehensive range of tax topics relevant to agricultural producers will be covered, including an introduction to income taxes, completing Schedule F forms, claiming deductions, tax strategies to shift income and lower tax bills and compliance requirements.
The first session will focus on tax fundamentals, with an overview of income tax brackets, qualifying as a farm for tax purposes, cash vs accrual accounting, and documentation.
Session two will dig into Schedule F specifics, including choosing an accountant, common farm deductions, and other ways to lower taxable income beyond Schedule F.
The final session will cover advanced tax minimization tactics, such as pre-paying expenses, accelerated depreciation, income averaging, and loan forgiveness. Reporting requirements like 1099s will also be reviewed.
Participants are encouraged to attend each session.
“Whether you are new to filing farm taxes or looking to deploy advanced strategies, this virtual workshop will provide information to put more money back in your pocket,” said Jenna Nees, an educator with Purdue Extension.
The registration cost is $30. Please register by Nov. 27 here. Zoom videoconferencing access and a stable internet connection are required to participate. For questions or concerns, please contact Jenna Nees at smith535@purdue.edu or 765-653-8411.