Tax

Farmer’s Tax Guides and Farm Accounting Books are Available!

We have copies of the IRS Publication 225: Farmer’s Tax Guide for 2024 Returns available in the office. You can also get the guide online at https://www.irs.gov/pub/irs-pdf/p225.pdf or the PDF version here. You are in the business of farming if you cultivate, operate, or manage a farm for profit, either as owner or tenant. A farm includes livestock, dairy, poultry, fish, fruit, and truck farms. It also includes plantations, ranches, ranges, and orchards and groves. This publication explains how federal tax laws apply to farming. Use this publication as a guide to figure out your taxes and complete your farm tax return. If you need more information on a subject, get the specific IRS tax publication covering that subject.

Additionally, we also have copies of the Ohio Farm Account Book ($8.00 plus tax) and the Ohio Commercial Farm Accounting (FA-8) ($9.75 plus tax) books or inserts available for purchase. Stop in and see us!

You can also order the publications on your own at https://extensionpubs.osu.edu/. If ordering online you will have to pay an increased shipping cost whereas ordering in the office will save you the shipping fee.

Farmer and Farmland Owner Income Tax Webinar

Article by Barry Ward & Jeff Lewis, Income Tax Schools at The Ohio State University

Are you a farmer or farmland owner wanting to learn more about the recent tax law issues? If so, join us for this webinar on Friday, December 6th, 2024, from 10 am to noon. This webinar is a part of our Farm Office Live Series and serves as our Farm Office Live! Webinar for December. To register for this webinar, go to: https://go.osu.edu/register4fol

This webinar will focus on issues related to farmer and farmland owner income tax returns as well as the latest news on CAUV and property taxes in Ohio and another reminder regarding changes to the Ohio Commercial Activity Tax (CAT). This two-hour program will be presented in a live webinar format via Zoom by OSU Extension Educators Barry Ward, David Marrison, and Jeff Lewis. Individuals who operate farms, own property, or are involved with renting farmland should participate. Continue reading Farmer and Farmland Owner Income Tax Webinar →

March Edition of Farm Office Live

This month’s Farm Office Live will be held on March 16th, from 7 – 8:30 pm, and again on March 18th from 10 – 11:30 am. The Farm Office Team provides the latest outlook and updates on ag law, farm management, ag economics, farm business analysis, and other issues dealt with in your farm office.  Targeted to farmers and agribusiness stakeholders, our specialists digest the latest news and information and present it in an easy-to-understand format. To sign up for the webinar (and if you can’t attend the recording link) go to go.osu.edu/farmofficelive.

March topics will include

  • Updates on FSA programs
  • Federal Tax Law Update/Medicaid Planning Review
  • Financial Efficiency Review for Grain Farms
  • Fertilizer Update/Crop Budgets
  • Grain Marketing Outlook

2021 Farmer’s Tax Guide

Farmer Tax Guide 2021

Farmer Tax Guide 2021

Late in December, OSU Extension will have a few printed copies of the 2021 Farmer’s Tax Guide. If you would like one, please email gorrell.42@osu.edu and Katie will have one set aside for you until they are gone. Additionally, you can find a downloadable version at this link: https://www.irs.gov/pub/irs-pdf/p225.pdf.

OSU Income Tax Schools 2021

OSU Extension Announces Two-Day Tax Schools for Tax Practitioners & Agricultural & Natural Resources Income Tax Issues Webinar


Barry Ward & Julie Strawser, OSU Income Tax Schools

Dealing with the tax provisions of the COVID-related legislation for both individuals and businesses are among the topics to be discussed during the upcoming Tax School workshop series offered throughout Ohio in November and December.

“The annual series is designed to help tax preparers learn about federal tax law changes and updates for this year as well as learn more about issues they may encounter when filing individual and small business 2021 tax returns,” said Barry Ward, Director of the Ohio State University Income Tax School Program.

“The tax schools are intermediate-level courses that focus on interpreting tax regulations and changes in tax laws to help tax preparers, accountants, financial planners, and attorneys advise their clients,” he said. The schools offer continuing education credit for certified public accountants, enrolled agents, attorneys, annual filing season preparers, and certified financial planners. Continue reading OSU Income Tax Schools 2021 →

Sales To Cooperatives Under The New Tax Law

By: Barry Ward, Director, Ohio State University Income Tax Schools, Leader, Production Business Management

Upon passage and signing of the Tax Cuts Jobs Act in December 2017, Cooperatives suddenly had a decided advantage in buying over “independent” buyers of ag commodities. The new tax law had somewhat inadvertently included a “grain glitch” (which would have affected more than grain sales) that had effectively allowed for a 20% deduction on gross sales which conferred a decided advantage over sales to other non-Cooperatives.These sales to non-Cooperatives would only be allowed the QBID deduction as discussed previously in this article which effectively a 20% deduction on net income from those sales. With much hand wringing and angst in the ag sector, congress finally got around to passing a “fix” to this “glitch.” Continue reading Sales To Cooperatives Under The New Tax Law →