Cornell Cooperative Extension offers tips for meeting your farm business tax planning goals
Join Cornell Cooperative Extension Farm Business Management Specialists from across the state for their virtual course “Income Tax Planning for Farms that File a Schedule F”. This three-part series for farms that are established and already filing a Schedule F will be held on Wednesdays, October 13, 20, and 27 from 7pm – 8:30pm.
Topics covered include tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. The first session will provide an overview of tax planning, the management of tax liability, and assessing your record keeping system. Second session will delve into everything Schedule F – depreciation and classifying revenues and expenses. The final session will be led by a professional tax-preparer who will introduce tax planning strategies and the timeline for implementation with ample time for questions and discussion.
The course is $25/farm with scholarships available for those experiencing financial hardship. The courses will be offered virtually via live and interactive zoom webinar. For those without internet access, there will be a call-in option available with the opportunity to receive paper copies of the presentation via mail. Each presentation will be recorded and sent to those who are registered (even if you can’t attend the live event). Registration is available online and is required three business days in advance of the workshop.
This course is part of Cornell Cooperative Extension’s Farmer Tax School: An educational series from Cornell Cooperative Extension Farm Business Management Specialists offering courses designed to inform and empower farm managers to better understand their tax obligations, management strategies, and improve farm profitability. This consists of four courses offered October 2021 – January 2022. For more information, visit tinyurl.com/ccetaxschool. This series has options for agricultural producers of all shapes, sizes, and time in business.
