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Virtual workshop series to cover farm tax basics, strategies
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 p.m. 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 versus accrual accounting and documentation.
Session 2 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 1099’s 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.
The registration cost is $30. Please register by Nov. 27 at https://tinyurl.com/WIATax23. 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 653-8411.
Visit www.extension.purdue.edu/putnam or contact the local Purdue Extension Office at 653-8411 for more information regarding this week’s column topic or to RSVP for upcoming events. It is always best to call first to assure items are ready when you arrive and to RSVP for programs.
Upcoming Events
Nov. 5 – Putnam 4-H member awards/volunteer recognition program, 2 p.m., Putnam County Fairgrounds
Nov. 7 – Office closed for Election Day
Nov. 8, 15, 22, 29 – Dining with Diabetes, 12 p.m., virtual, register at 653-8411
Nov. 10 – Office closed for Veterans Day
Nov. 16 – Staying Healthy as You Age, 6 p.m., Putnam County Fairgrounds, York Automotive Building
Nov. 28, Dec. 5, 12, 19 – Know Your Numbers, Know Your Options, 10 a.m.–12 p.m., $20, virtual, register at https://cvent.me/WPkAML
Nov. 28, Dec. 5, 12 – Tax Strategies for Midwestern Farm and Ranch Women, 7:30-9 p.m., $30, virtual, register at https://tinyurl.com/WIATax23