Income Tax Planning for Farms that File a Schedule F

Income Tax Planning for Farms that File a Schedule F,  Course 1 of the 2021/22 Farmer Tax School, $25/farm

This is a three-session course for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. Our 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.

CAN'T MAKE IT LIVE?: Sign up any and we'll send you a recording following the workshop.

TECH REQUIREMENTS: Zoom (on phone, tablet, or computer). You may also call in and request paper documents be mailed to you.

IS THIS FOR ME?: This class is designed for farms that are already filing a Schedule F, covering 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 Tax School series has options for agricultural producers of all shapes, sizes, and time in business.

SPONSORSHIP: We are currently seeking agribusiness sponsorship for this series. We will be providing all of our participants with a directory of sponsors and their financial support services offered.

Experiencing financial hardship? Attend for free! Select the "scholarship" option at payment. Support for this option is made possible by our generous sponsors.

This course is part of Cornell Cooperative Extension's Farmer Tax School: An educational series from Cornell Cooperative Extension Farm Business Management Specialists.  This series will 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. Courses in the series are:

• Income Tax Planning for Farms that File a Schedule F,  Tuesday October 13, 20 & 27, 7:00-8:30, $25/farm

This is a three-session course for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. Our 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.

• Farm Financial Records for Decision Making & Tax Management, Thursday, December 2, 7pm - 9pm, $10/farm 

A primer for beginning farmers, or a tune-up for those already in production, on recording income and annual expenses,  capital expenditures and depreciation with additional information covering loans & credit card or revolving loan payments, sales of business assets, and deducting losses. 

• Tax Management for Beginning and Small Farm Businesses. Tuesday, January 18, 7pm - 9pm, $10/farm 

A one-night virtual meeting for beginning and part-time farmers that provides useful tax information enabling participants to be make better tax decisions for their business.   Federal and state income taxes will be covered. Tax regulations specific to NYS will be covered as well. 

• Tax Code Benefits and Last Minute Tax Updates for Farms, Tuesday, January 25, 7pm - 9pm,  $10/farm 

For farm businesses of all shapes and sizes, tune in to learn more about key tax benefits and tax incentives that are available for farms. Because this is our last class, this workshop will also include updated tax information for the current tax season.

Session 1: Tax Planning, Goals, and Foundations

Our first session will provide an overview of tax planning, the management of tax liability, and assessing your record keeping system. 

Session 2: Understanding the Schedule F, Depreciation, Profit/Loss Determinations

The second session will delve into everything Schedule F - depreciation and classifying revenues and expenses. 

Session 3: Income Tax Planning Strategies and Timelines

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.

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