Are you getting the most from your tax return? Farmers and farmland owners wanting to increase their tax knowledge should consider a Monday, Jan. 13, webinar that will address tax issues specific to this industry.
Content will focus on important tax issues and will offer insight into new tax legislation and further guidelines that have been released this year.
The live webinar will be held from 1 to 3 p.m. and is being offered by OSU Income Tax Schools, which are a part of The Ohio State University College of Food, Agricultural, and Environmental Sciences (CFAES) and Ohio State University Extension, which is CFAES’ outreach arm. If you are unable to attend the live webinar, registered participants will receive a link to view the recorded webinar at a time of their convenience. The link will be available throughout the tax-filing season.
The two-hour program is targeted toward owners who file their own farm taxes or who simply wish to arm themselves with more tax information that will help them better plan for tax filing.
Topics to be discussed during the webinar include:
• tax-planning in an unusual year (prevented planting crop insurance indemnity payments, Revenue Protection crop insurance payments, Market Facilitation Program payments, cost-share payments, and disaster-aid payments)
• like-kind exchanges (farm machinery and equipment are no longer eligible for this provision, which is a significant change), how the change in like-kind exchanges might affect state income tax, and how that change might affect Social Security credits and eventual payments
• an estate and gift tax update
• C Corp to S Corp conversions
• qualified business income deductions, which will impact most farm businesses
• qualified business income deductions for sales to cooperatives, which is different from the qualified business income deductions for sales to noncooperatives and is much more complex
• which farmland lease income might qualify for a qualified business income deduction
• tax issues related to getting out of the farming business
• tax from income related to pipeline construction and easements
• other tax strategies to consider under the Tax Cuts and Jobs Act
The cost for the webinar is $35. Register at go.osu.edu/farmertaxwebinar.
For more information, contact Julie Strawser at email@example.com or call the OSU Extension Farm Office at 614-292-2433.