By Debbie Roos
Pittsboro, NC – 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).
February 2 Workshop Agenda:
Time: 6 pm – 8 pm
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.
* 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
* Sale of business assets (e.g., dairy farmer selling a culled cow)
* Sales tax exemption for purchase of inputs
* Collection and remittance of sales taxes on sales of farm products
February 16 Workshop Agenda:
Time: 6 pm – 9 pm
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.
* 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.
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.
Pre-registration is required for these workshops. Visit Chatham County Cooperative Extension’s Growing Small Farms website for registration details and forms.