By: Barry Ward, Director, OSU Income Tax Schools
Columbus, Ohio – Are you getting the most from your tax return? Farmers and farmland owners who wish to increase their tax knowledge should consider attending this webinar that will address tax issues specific to this industry. Content focuses on important tax issues and will offer insight into new tax legislation and further guidelines that have been released this year.
Mark your calendars for January 13th, 2020 to participate in this live webinar from 1 to 3 pm. The event is being offered by OSU Income Tax Schools which are a part of OSU Extension and the College of Food, Agricultural and Environmental Sciences. If you are not able to attend the live webinar, all registered participants will receive a link to view the recorded webinar at a time of their convenience. This link will be available through the tax filing season.
The two-hour program is targeted towards owners who file their own farm taxes or simply wish to arm themselves with more tax information that will help them to 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 Crop Insurance Payments, Market Facilitation Payments, cost-share payments, disaster aid payments
- Like Kind Exchanges (farm machinery and equipment no longer are eligible for this provision – this is a significant change), how this change may affect state income tax and how this change may affect your Social Security credits and eventual payments
- Qualified Business Income Deduction
- Qualified Business Income Deduction for sales to cooperatives (different from the QBI Deduction for sales to non-cooperatives and more complex)
- Which farmland lease income may qualify for the QBI Deduction
- Estate and gift tax update
- C-Corporation to S-Corporation Conversions
- 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. To register, go to https://go.osu.edu/farmertaxwebinar. For more information, contact Julie Strawser at firstname.lastname@example.org or call the OSU Extension Farm Office at 614-292-2433.