Ohio
State University to Offer Year-end Tax Tips for Farmers at Nov. 4
Workshop
By
Sam Custer
OSU
Extension
Farmers
and producers looking to plan ahead for tax filing this year can
learn about federal tax law changes and updates, as well as potential
money-saving tips they can use when filing 2013 tax returns, from tax
experts at Ohio State University’s College of Food, Agricultural,
and Environmental Sciences.
A
Nov. 4 workshop offered by Larry Gearhardt, director of the Ohio
State University Income Tax School Program of Ohio State University
Extension, will focus on interpreting tax regulations and recent
changes in tax laws and is designed to help farmers learn what
questions to ask to make more informed decisions about their taxes,
he said.
OSU
Extension is the statewide outreach arm of the college.
The
program will help farmers and producers understand new tax laws and
rules adopted after the so-called fiscal cliff legislation, including
many provisions made retroactive to 2012 and included for 2013,
Gearhardt said.
The
“Year End Tax Tips for Farmers” program is at 7 p.m. at 603
Wagner Ave. in Greenville, in OSU Extension’s Darke County office.
The workshop costs $5 per family or farm to cover the cost of
handouts and refreshments. Reservations can be made by calling
937-548-5215.
Workshop
topics will include:
• Section 179 expense
deductions: These allow farmers to deduct up to $500,000 per item
with a cap of $2 million for capital expenditures, including
equipment, buildings and depreciable items.
• Bonus depreciation: This
allows farmers 50 percent bonus depreciation on capital expenditures.
• Regular depreciation.
Gearhardt
said the topics were chosen because they are “key issues for
farmers.”
“These
provisions will expire at the end of this year, and we aren’t sure
what will happen next year,” he said. “Farming revenue has been
high for the past several years, so farmers have probably used the
easy deductions already.
“So
they are going to have to sit down and think long and hard about how
they can reduce their taxes this year and following years. If the
farm economy remains strong, farmers may not have a way to offset
that income in the future.”
The
workshop will focus on factors farmers need to weigh individually
when deciding how to file their taxes, including: how old are they;
do they plan to expand their operations; how much they made this
year; is there a younger generation coming up; and which area of
agriculture they are in, Gearhardt said.
“We
encourage farmers to sit down with their tax advisors to make the
best decisions for their individual situations, but want to hold this
workshop to let them know more about these major provisions that are
set to expire,” he said. “We like to think of taxes as a risk
management tool, and encourage people to think and plan ahead rather
than at the end of the year when it is too late.
“Preplanning
is key.”
For
more detailed information, visit the Darke County OSU Extension web
site at www.darke.osu.edu, the OSU Extension Darke County Facebook
page or contact Sam Custer, at 937.548.5215.
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