Alabama Extension Professionals Host Income Tax Workshops for Farmers
AUBURN, Ala.— Income tax planning can affect your profitability and financial security. To help farmers understand the impact of income tax planning, the Alabama Cooperative Extension System is offering a series of workshops at locations around the state.
Dr. Robert Tufts, an Alabama Extension attorney, will lead the workshops designed to help farmers and accountants who work with agribusiness determine the right course of action when making tax decisions.
Each workshop will feature a discussion of Schedule F—Profit or Loss from Farming focusing on how to report farming income from livestock, rent, crop shares, commodity credit corporation loans, Conservation Reserve Program, crop insurance and crop disaster payments, income from cooperatives and cancellation of debt as well as how to report expenses and prepaid expenses.
Workshops will also cover income averaging for farmers and fishermen, the effects of claiming accelerated depreciation under Section 179 and Section 178(k) on a farmer’s cash flow, the cost of retiring and how income affects social security benefits.
There is a $15 registration fee. Accountants may pay an extra $65 for 2.5 hours of continuing education credit.
Dates and times for the workshops are listed below.
Monday, Oct. 3: 6:00 to 8:30 p.m., ALFA building, Robertsdale
Tuesday, Oct. 4: 6:00 to 8:30 p.m., Wiregrass Research Center, Headland
Thursday, Oct. 6: 6:00 to 8:30 p.m., A.W. Todd Center, Russellville (meal provided)
Monday, Oct. 10: 6:00 to 8:30 p.m., Black Belt Research Center, Marion Junction
Tuesday, Oct. 11: 6:00 to 8:30 p.m., Shelby County Extension office, Columbiana
Tuesday, Nov. 1: 6:00 to 8:30 p.m., Farmers Federation Building, Gadsden
Thursday, Nov. 3: 6:00 to 8:30 p.m., E.V. Smith Research Center, Shorter
Monday, Nov. 7: 6:00 to 8:30 p.m., Morgan County Extension office, Hartselle
For additional information and to register, visit www.aces.edu/farmtax, mail a check made out to Auburn University to 301 O. D. Smith Hall, Auburn University 36849-5608, or call (334) 844-5100 to register by phone.