Cornell Cooperative Extension offers an educational series to assist with farm income tax management
Join Cornell Cooperative Extension Farm Business Management Specialists from across the state for their virtual Farmer Tax School, offered in October 2021 through January 2022. This educational series offers courses designed to inform and empower farm managers to better understand their tax obligations, management strategies, and improve farm profitability. For more information, visit tinyurl.com/ccetaxschool.
Each course, outlined below, has its own fee. There are 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).
Register online by visiting www.tinyurl.com/ccetaxschool. This is required three business days in advance of the workshop. You can register for one, some of, or all courses. This series has options for agricultural producers of all shapes, sizes, and time in business.
Wednesdays, October 13th, 20th, 27th
7pm - 8:30pm
A three-part series for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. Our 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.
Thursday, December 2nd
7pm - 9pm
A primer for beginning farmers, or a tune-up for those already in production, on recording income and annual expenses, capital expenditures and depreciation with additional information covering loans & credit card or revolving loan payments, sales of business assets, and deducting losses.
Tuesday, January 18th
7pm - 9pm
A one-night virtual meeting for beginning and part-time farmers that provides useful tax information enabling participants to be make better tax decisions for their business. Federal and state income taxes will be covered.
Tax regulations specific to NYS will be covered as well.
Tuesday, January 25th
7pm - 8:30pm
For farm businesses of all shapes and sizes, tune in to learn more about the tax advantages available for farms. This workshop will include information for the current tax season.
There are sponsorship opportunities available to help off-set the cost of the program. Farm Financial Services Providers are encouraged to join as a sponsor. This will add their name to a service directory that will be made available electronically and in print to all participants. Sponsorships are available for $100/organization and will also collect information about services offered, location, and contact information.
Last updated September 14, 2021