Are you getting the most from your tax return? Farmers and farmland owners wanting to increase their tax knowledge should attend a Monday, Jan. 13, webinar that will address tax issues specific to this industry.
The live webinar will be held from 1 to 3 p.m. and is being offered by OSU Extension Income Tax Schools. 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.
Topics to be discussed 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.