Free Webinar Hosted by NY FarmNet

November 4th at 1pm - 2pm: Tax 102 - Tax planning and strategies for Farmers

Learning Objectives

We will give a quick review of concepts covered in Preparation for Taxes webinar and by the end of this presentation, participants will be able to:

• Understand common tax concepts such as self-employment taxes, depreciation, Section 179 deductions, refundable and non-refundable credits, earned income credits, child tax credits, and the "placed in service" rule.
• Know the difference between cash and accrual accounting
• Identify tax planning opportunities including maximizing credits, considering investment tax credits, managing Social Security impacts, and planning for income changes.
• Identify specific tax strategies such as income averaging, paying children for farm work, capitalizing repair costs, deferring income, prepaying expenses, and making retirement contributions.
• Work on a long-term approach to tax planning by consistently maintaining records, maximizing eligible credits, and making informed financial decisions.
• Recognize potential impacts of changes in the current tax law and how those may impact tax planning decisions
• Understand the need to develop a plan that includes both the impact of state as well as federal tax laws

Register at: https://cornell.zoom.us/webinar/register/WN_QWl-5tqLSQWce7UxVnrTVQ