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