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AG23101 - Farm Tax Basics (ONSITE ONLY)

‐ Aug 14, 2023 11:30am

This class will review the basics of farm taxation including the following topics:     * How the cash method of accounting applies to farmers     * The elections available to increase taxable income after year-end     * How prepaid farm expenses are calculated     * Schedule J Farm Income Averaging rules and planning     * Section 1031 issues specific to farmers

Learning Objectives:

  • Indicate how the income tax code has specific laws for farmers and how to plan accordingly
  • Identify how farm income averaging can save substantial taxes for your farm clients
  • Recognize how the cash method of accounting can help farmers but also understand how it can hurt at retirement





Pre-Conference Optional Workshop

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