Income Tax
Planning for Farms that File a Schedule F
Cornell Cooperative Extension
offers tips for meeting your farm business tax planning goals
Join
Cornell Cooperative Extension Farm Business Management Specialists from
across the state for their virtual course “Income Tax Planning for Farms that File a Schedule F”.
This three-part series for farms that are established and already filing a
Schedule F will be held on Wednesdays, October 13, 20, and 27 from 7pm –
8:30pm.
Topics covered
include tax planning and goals, handling farm profits/losses, and
strategies to improve your tax position while also working positively with
your accountant/tax preparer. The 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.
The course is
$25/farm with 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). Registration is available online and
is required three business days in advance of the workshop.
This course is part
of Cornell Cooperative Extension’s Farmer Tax School: An educational series
from Cornell Cooperative Extension Farm Business Management Specialists
offering courses designed to inform and empower farm managers to better
understand their tax obligations, management strategies, and improve farm
profitability. This consists of four courses offered October 2021 – January
2022. For more information, visit tinyurl.com/ccetaxschool. This series has
options for agricultural producers of all shapes, sizes, and time in
business.
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