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Pre-Conference Optional Workshop

AG23101. Farm Tax Basics (ONSITE ONLY)

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
Date/Time
CPE Credits
2.5
NASBA Field of Study
Taxes
Level
Basic
Prerequisites
0-2 years in the profession
Advanced Preparation
None
Session Tags
Agriculture