Register Now for Cooperative Extension’s Tax Workshops for Farmers

Posted On January 9, 2017— Written By
en Español / em Português
Español

El inglés es el idioma de control de esta página. En la medida en que haya algún conflicto entre la traducción al inglés y la traducción, el inglés prevalece.

Al hacer clic en el enlace de traducción se activa un servicio de traducción gratuito para convertir la página al español. Al igual que con cualquier traducción por Internet, la conversión no es sensible al contexto y puede que no traduzca el texto en su significado original. NC State Extension no garantiza la exactitud del texto traducido. Por favor, tenga en cuenta que algunas aplicaciones y/o servicios pueden no funcionar como se espera cuando se traducen.


Português

Inglês é o idioma de controle desta página. Na medida que haja algum conflito entre o texto original em Inglês e a tradução, o Inglês prevalece.

Ao clicar no link de tradução, um serviço gratuito de tradução será ativado para converter a página para o Português. Como em qualquer tradução pela internet, a conversão não é sensivel ao contexto e pode não ocorrer a tradução para o significado orginal. O serviço de Extensão da Carolina do Norte (NC State Extension) não garante a exatidão do texto traduzido. Por favor, observe que algumas funções ou serviços podem não funcionar como esperado após a tradução.


English

English is the controlling language of this page. To the extent there is any conflict between the English text and the translation, English controls.

Clicking on the translation link activates a free translation service to convert the page to Spanish. As with any Internet translation, the conversion is not context-sensitive and may not translate the text to its original meaning. NC State Extension does not guarantee the accuracy of the translated text. Please note that some applications and/or services may not function as expected when translated.

Collapse ▲

a

The Chatham County Center of North Carolina Cooperative Extension will offer two workshops on Tax Issues for Farmers & Other Agricultural Producers on February 2 and February 16. The workshops will be held at the new Chatham County Agriculture & Conference Center in Pittsboro, NC. The workshops will be taught by North Carolina State University Farm Management Specialist Guido van der Hoeven (see bio below).

Target audience: farmers (vegetables & fruits, livestock, row crops, etc.), nursery growers, beekeepers, aquaculture producers

February 2 Workshop Agenda:

Time: 6:00-8:00 p.m.

The February 2 workshop will be for new farmers and producers and will help participants understand taxes within the context of agriculture so that they don’t miss any deductions or opportunities to minimize their tax liability.

Income Taxes

  • Introduction to the Schedule F (Profit or Loss from Farming) form
  • Expenses: what’s allowed, what’s not allowed
  • What’s considered farm income, what’s not farm income
  • What documentation/receipts you should keep
  • Depreciation
  • Sale of business assets (e.g., dairy farmer selling a culled cow)

Sales Taxes

  • Sales tax exemption for purchase of inputs
  • Collection and remittance of sales taxes on sales of farm products

February 16 Workshop Agenda:

Time: 6:00-9:00 p.m.

The February 16 workshop will be for farmers who are familiar with filing a Schedule F form. Guido will go into more specifics about topics from the February 2 workshop to make sure farmers are minimizing their tax liability.

Income Taxes

  • Walk through the Schedule F (Profit or Loss from Farming) line by line. Guido will discuss what can or can’t be included on each line; discussion of independent contractor vs. employee
  • Walk through IRS Form 4797 (Sale of Business Assets)  and discussion of why it’s important to understand the context of a transaction; briefly address capital gain

 Question & Answer Session for the February 16 Workshop:

  • Registered participants will be invited to submit questions in advance that Guido will try to address.

Testimonials from Workshop Participants

We last did this workshop in 2014. Here’s what some of the participants said in their written evaluation comments:

Detailed, pertinent. Good resource references for follow-up research.

Great speaker with good examples.

Excellent review of tax strategies; good info, thorough treatment of tough topic.

First time I have ever begun to understand taxes.

Very helpful information offered in an easy to understand way; very informative and vast knowledge of farm and how tax relates.

Advance registration is required. The cost of each workshop is $20 and includes handouts and a dinner catered by Angelina’s Kitchen. Call 919-542-8244 or email Debbie Roos for more information.

Download the registration form for the February 2 workshop. Please fill out the form on-line, then print it and mail with your check. Deadline to register is January 26.

Download the registration form for the February 16 workshop. Please fill out the form on-line, then print it and mail with your check. Deadline to register is February 9.

If you want to attend BOTH workshops you will get a $5 discount. Include both registration forms plus a check for $35.

Presenter:

Guido van der Hoeven is an Extension Specialist/ Senior Lecturer in the Department of Agricultural and Resource Economics at North Carolina State University in Raleigh, North Carolina. Guido’s extension responsibilities include: income taxation of individuals and business entities, farm business management and the profitable continuation of “family farms” to succeeding generations. Recent focus has been on gaining an understanding of global implications of a shrinking agricultural production world but a growing world of product demand. Van der Hoeven is President of the Land Grant University Tax Education Foundation, Inc. which publishes a ~700 page text for income tax training of professional tax practitioners. Van der Hoeven has taught many tax seminars to professional tax preparers covering diverse topics of taxation: agriculture, timber, business entity, retirement, depreciation and others. Guido has over 40 years of experience dealing with income tax issues and preparation.

Written By

Debbie Roos, N.C. Cooperative ExtensionDebbie RoosExtension Agent, Agriculture - Sustainable / Organic Production Call Debbie Email Debbie N.C. Cooperative Extension, Chatham County Center
Updated on Jan 23, 2017
Was the information on this page helpful? Yes check No close
Scannable QR Code to Access Electronic Version