Cornell Cooperative Extension’s statewide farm business management specialists are running a virtual tax school for farmers from October through January.
The educational series offers courses designed to inform and empower farm managers to better understand their tax obligations, management strategies and improve the profitability of their operations. For more information, visit tinyurl.com/ccetaxschool.
Each course has its own price. Scholarships are available for those who are in financial difficulty. Classes will be delivered virtually via a live, interactive zoom webinar. For those who do not have Internet access, there will be an appeal option available with the option of receiving hard copies of the presentation by mail. Each presentation will be recorded and sent to those who register even if they cannot attend the event live.
Register online by visiting www.tinyurl.com/ccetaxschool at least three working days before the workshop. Those interested can register for one, several or all courses. The series has an option for agricultural producers of all shapes, sizes and lengths of activity.
The sessions include:
TAX PLANNING FOR FARMS THAT SUBMIT SCHEDULE F
WEDNESDAY, OCT. 13, 20 AND 27 FROM 7 PM TO 8:30 PM
$ 25 PER FARM
A three-part series for farms that already complete an Schedule F covering tax planning and goals, farm profit / loss management, and strategies to improve a farm’s tax situation while working positively with an accountant / tax preparer. The first session will provide an overview of tax planning, tax liability management and evaluating a record keeping system. The second session will look at all of Appendix F – Amortization and Classification of Income and Expenses. The final session will be led by a professional tax preparer who will present the tax planning strategies and the implementation schedule with ample time for questions and discussion.
AGRICULTURAL FINANCIAL FILES FOR DECISION-MAKING AND TAX MANAGEMENT
THURSDAY 2 DEC. 7:00 p.m. to 9:00 p.m.
$ 10 PER FARM
An introduction for beginning farmers, or a focus for those already in production, on recording annual income and expenditure, capital expenditure and depreciation with additional information on loans and payments by credit card or revolving loans, sales of business assets and deduction of losses.
TAX MANAGEMENT OF BEGINNERS AND SMALL AGRICULTURAL ENTERPRISES
TUESDAY JAN. 18 FROM 7 PM TO 9 PM
$ 10 PER FARM
An overnight virtual meeting for new and part-time farmers that provides useful tax information enabling attendees to make better tax decisions for their business. Federal and state income taxes will be covered.
NYS specific tax regulations will also be covered.
ADVANTAGES OF THE FISCAL CODE SPECIFIC TO THE OPERATION
TUESDAY JAN. 25 FROM 7 PM TO 8:30 PM
$ 5 PER FARM
For farming businesses of all shapes and sizes, log on to learn more about the tax benefits available to farms. This workshop will include information for the current tax season.
There are sponsorship opportunities to help offset the cost of the program. Agricultural financial service providers are invited to join as a sponsor. This will add their name to a directory of services which will be made available to all participants electronically and in print.
For more information, contact Katelyn Walley-Stoll, Southwest New York Dairy, Livestock, and Field Crops, at 640-0522 or email [email protected]