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Nebraska Ag News Headlines
Tax Strategies for Midwestern Farm and Ranch Women
Nebraska Ag Connection - 11/27/2023

An upcoming virtual workshop series for Midwestern farm and ranch women will teach the basics of tax planning for agricultural operations. Hosted by women in agriculture extension programs at the University of Nebraska-Lincoln, Kansas State University, and Purdue University, the three-part series will be held from 6:30 to 8 p.m. Central time on Nov. 28, Dec. 5 and Dec. 12.

A comprehensive range of tax topics relevant to agricultural producers in Nebraska, Kansas and Indiana will be covered, including an introduction to income taxes, completing Schedule F forms, claiming deductions, tax strategies to shift income and lower tax bills and compliance requirements.

The first session will focus on tax fundamentals, with an overview of income tax brackets, qualifying as a farm for tax purposes, cash vs accrual accounting, and documentation.

Session two will dig into Schedule F specifics, including choosing an accountant, common farm deductions, and other ways to lower taxable income beyond Schedule F.

The final session will cover advanced tax minimization tactics, such as pre-paying expenses, accelerated depreciation, income averaging, and loan forgiveness. Reporting requirements like 1099s will also be reviewed.

Participants are encouraged to attend each workshop.

“Whether you are new to filing farm taxes or looking to deploy advanced strategies, this virtual workshop will provide actionable information to put more money back in your pocket,” said Jessica Groskopf, an educator with Nebraska Extension and director of the Nebraska Women in Agriculture program.





Source: unl.edu


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