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