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Farmer’s Tax School series begins Wednesday

Cornell Cooperative Extension farm business management specialists from across the state are hosting a virtual Farmer Tax School 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 farm profitability. For more information, visit tinyurl.com/ccetaxschool.

Each course has its own fee. There are scholarships available for those experiencing financial hardship. The courses will be offered virtually via live and interactive zoom webinar. For those without internet access, there will be a call-in option available with the opportunity to receive paper copies of the presentation via mail. Each presentation will be recorded and sent to those who are registered even if they can’t attend the live event.

Register online by visiting www.tinyurl.com/ccetaxschool at least three business days in advance of the workshop. Those interested can register for one, some of, or all courses. The series has option for agricultural producers of all shapes, sizes and time in business.

Sessions include:

INCOME TAX PLANNING FOR FARMS THAT FILE A SCHEDULE F

WEDNESDAYS, OCT. 13, 20 AND 27 FROM 7 TO 8:30 P.M.

$25 PER FARM

A three-part series for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve a farm’s tax position while also working positively with an accountant/tax preparer. The first session will provide an overview of tax planning, the management of tax liability and assessing a record keeping system. The second session will delve into everything Schedule F – depreciation and classifying revenues and expenses. The final session will be led by a professional tax-preparer who will introduce tax planning strategies and the timeline for implementation with ample time for questions and discussion.

FARM FINANCIAL RECORDS FOR DECISION MAKING AND TAX MANAGEMENT

THURSDAY, DEC 2 FROM 7 to 9 P.M.

$10 PER FARM

A primer for beginning farmers, or a tune-up for those already in production, on recording income and annual expenses, capital expenditures and depreciation with additional information covering loans & credit card or revolving loan payments, sales of business assets, and deducting losses.

TAX MANAGEMENT FOR BEGINNING AND SMALL FARM BUSINESSES

TUESDAY, JAN. 18 FROM 7 TO 9 P.M.

$10 PER FARM

A one-night virtual meeting for beginning and part-time farmers that provides useful tax information enabling participants to be make better tax decisions for their business. Federal and state income taxes will be covered.

Tax regulations specific to NYS will be covered as well.

FARM SPECIFIC TAX CODE BENEFITS

TUESDAY, JAN. 25 FROM 7 TO 8:30 P.M.

$5 PER FARM

For farm businesses of all shapes and sizes, tune in to learn more about the tax advantages available for farms. This workshop will include information for the current tax season.

There are sponsorship opportunities available to help off-set the cost of the program. Farm financial services providers are welcome to join as a sponsor. This will add their name to a service directory that will be made available electronically and in print to all participants.

For more information contact Katelyn Walley-Stoll, Southwest New York Dairy, Livestock, and Field Crops, at 640-0522 or email kaw249@cornell.edu.

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