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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