Tax Strategies for Midwestern Farm and Ranch Women
Tax Strategies for Midwestern Farm and Ranch Women is a three-part extension workshop produced in collaboration between women in agriculture programs in Kansas, Nebraska, and Indiana. It will focus on the basics of tax planning for farms and ranches. Keynote speakers will be broadcast virtually via Zoom. Attending this series offers you the chance to build your tax management knowledge and skills. Participants are encouraged to attend all three sessions.
Dates: November 28, December 5, & December 12
Time: 7:30-9 pm Eastern / 6:30-8 pm Central
Class 1 - Introduction
- Basic tax information: What are income taxes? What are income tax brackets?
- Who qualifies as a Farm for tax reporting purposes?
- What is a schedule F?
- Cash vs. Accrual Accounting
- Tax Documentation
Class 2 - Schedule F Basics
- How do you choose an accountant?
- What are common farm and ranch deductions?
- What other non-farm from/for AGI deductions should farmers and ranchers consider?
Class 3 - Advanced Topics
- Tax Strategies
- Shifting income (pre-paid expenses, deferred payment contacts)
- Accelerated depreciation
- Income averaging
- Loan forgiveness
This material is based upon work supported by the U.S. Department of Agriculture, under agreement number FSA22CPT0012189.
For questions or concerns, please contact Jenna Nees at email@example.com or 765-653-8411.