Farmers and farmland owners are invited to register for a two-hour webinar that focuses on the new tax law as it relates to farm returns. The webinar is being hosted by OSU Extension’s Income Tax School Department on Monday, January 7, from 10:00 – noon.
General taxpayer topics to be covered include the new modified tax brackets, standard deductions, elimination of the personal exemption, elimination or change of many Schedule A deductions, the increase in the Child Tax Credit, creation of the new Dependent Credit and an update on education provisions.
Specific farm business and farmland owner-related topics that will be covered:
- Farm equipment depreciation changes
- Changes to First Year Bonus Depreciation and Section 179 Expensing
- Changes to Net Operating Losses
- Changes to Like Kind Exchanges (farm machinery and equipment no longer are eligible for this provision – this is a significant change)
- Estate and gift tax update
- New C-Corporation Tax Rates
- New Qualified Business Income Deduction (this will impact most farm businesses!)
- Section 199A Deduction for sales to cooperatives (slightly different from the QBI Deduction for other farm business income and more complex)
- Which farmland lease income will qualify for the QBI Deduction
- Tax strategies to consider under the Tax Cuts and Jobs Act
Instructors will be OSU Extension Educators Chris Bruynis and David Marrison, along with Barry Ward, Tax School Director. The cost to attend is $35. To register, visit https://go.osu.edu/FarmerTaxWebinar. For questions, contact Julie Strawser at strawser.35@osu.edu or 614-292-2433.