Income Tax Planning for Farms that File a Schedule F
Income Tax Planning for Farms that File a Schedule F, Course 1 of the 2021/22 Farmer Tax School, $25/farm
This is a three-session course for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. Our first session will provide an overview of tax planning, the management of tax liability, and assessing your record keeping system. Second session will delve into everything Schedule F - depreciation and classifying revenues and expenses. The final session will be led by a professional tax-preparer who will introduce tax planning strategies and the timeline for implementation with ample time for questions and discussion.
CAN'T MAKE IT LIVE?: Sign up any and we'll send you a recording following the workshop.
TECH REQUIREMENTS: Zoom (on phone, tablet, or computer). You may also call in and request paper documents be mailed to you.
IS THIS FOR ME?: This class is designed for farms that are already filing a Schedule F, covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. The Tax School series has options for agricultural producers of all shapes, sizes, and time in business.
SPONSORSHIP: We are currently seeking agribusiness sponsorship for this series. We will be providing all of our participants with a directory of sponsors and their financial support services offered.
Experiencing financial hardship? Attend for free! Select the "scholarship" option at payment. Support for this option is made possible by our generous sponsors.
This course is part of Cornell Cooperative Extension's Farmer Tax School: An educational series from Cornell Cooperative Extension Farm Business Management Specialists. This series will inform and empower farm managers to better understand their tax obligations, management strategies, and improve farm profitability. This consists of four courses offered October 2021 - January 2022. Courses in the series are:
- Income Tax Planning for Farms that File a Schedule F, Tuesday October 13, 20 & 27, 7:00-8:30, $25/farm
This is a three-session course for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. Our first session will provide an overview of tax planning, the management of tax liability, and assessing your record keeping system. Second session will delve into everything Schedule F - depreciation and classifying revenues and expenses. The final session will be led by a professional tax-preparer who will introduce tax planning strategies and the timeline for implementation with ample time for questions and discussion.
- Farm Financial Records for Decision Making & Tax Management, Thursday, December 2, 7pm - 9pm, $10/farm
A primer for beginning farmers, or a tune-up for those already in production, on recording income and annual expenses, capital expenditures and depreciation with additional information covering loans & credit card or revolving loan payments, sales of business assets, and deducting losses.
- Tax Management for Beginning and Small Farm Businesses. Tuesday, January 18, 7pm - 9pm, $10/farm
A one-night virtual meeting for beginning and part-time farmers that provides useful tax information enabling participants to be make better tax decisions for their business. Federal and state income taxes will be covered. Tax regulations specific to NYS will be covered as well.
- Tax Code Benefits and Last Minute Tax Updates for Farms, Tuesday, January 25, 7pm - 9pm, $10/farm
For farm businesses of all shapes and sizes, tune in to learn more about key tax benefits and tax incentives that are available for farms. Because this is our last class, this workshop will also include updated tax information for the current tax season.
Event Details
Date
October 13, 2021
Time
7:00pm-8:30pm
Location
Zoom Webinar
Cost
Farm Registration : $25.00
Access to Zoom Link (no limit on number of people who can watch at a site)
Farm Registration with Printed Materials Sent to You : $45.00
If you need us to mail you hard copies of the handouts there is a $20 fee to cover costs.
Scholarship : Free
Thanks to our sponsors, scholarships are available for those with financial hardship.
Host
CCE Farm Business Management Educators
Elizabeth Higgins
5189493722
email Elizabeth Higgins
Event Registration
Session 1: Tax Planning, Goals, and Foundations
Our first session will provide an overview of tax planning, the management of tax liability, and assessing your record keeping system.
Event Details
Date
October 20, 2021
Time
7:00pm-8:30pm
Location
Zoom webinar
Host
CCE Farm Business Management Educators
Elizabeth Higgins
5189493722
email Elizabeth Higgins
Event Registration
Session 2: Understanding the Schedule F, Depreciation, Profit/Loss Determinations
The second session will delve into everything Schedule F - depreciation and classifying revenues and expenses.
Event Details
Date
October 27, 2021
Time
7:00pm-8:30pm
Location
Zoom Webinar
Host
CCE Farm Business Management Educators
Elizabeth Higgins
5189493722
email Elizabeth Higgins
Event Registration
Session 3: Income Tax Planning Strategies and Timelines
The final session will be led by a professional tax-preparer who will introduce tax planning strategies and the timeline for implementation with ample time for questions and discussion.
Apples
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Beets
Blueberries
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Brussels Sprouts
Cabbage
Carrots
Cauliflower
Cherries
Cucumbers
Dry Beans
Eggplant
Ethnic Vegetables
Garlic
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Horseradish
Kohlrabi
Leeks
Lettuce / Leafy Greens
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Onions
Parsnips
Peaches
Pears
Peas
Peppers
Plums
Potatoes
Pumpkins / Gourds
Radishes
Raspberries / Blackberries
Rhubarb
Rutabaga
Snap Beans
Squash - Summer
Squash- Winter
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Sweet Corn
Sweet Potatoes
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Upcoming Events
ENY Orchard Soil Health and Beneficial Fungi Meeting
August 15, 2024 : ENY Orchard Soil Health and Beneficial Fungi Meeting
Peru, NY
Join the members of CCE ENYCHP and the Cornell Soil Health Program for a field meeting on the basics of soil health, the potential benefits of mycorrhizal fungi, and an update on the current project status of our SARE grant on orchard mycorrhizal products.
This meeting is intended for farmworkers, young and beginning orchardists, and experienced orchard managers wanting to learn about the basics of soil health and mycorrhizal fungi within the orchard.
North Point Community Farm Twilight Meeting
August 19, 2024 : North Point Community Farm Twilight Meeting
Plattsburgh, NY
North Point Community Farm Twilight Meeting
Monday, August 19th 4-7 pm (rain or shine)
2172 Military Turnpike, Plattsburgh, NY 12901
$10 per farm
Join us for a tour of North Point Community Farm, a diversified vegetable, berry, and flower operation in the North Country. Farmers Marisa and Mike will give us an overview of their decision-making as they expand their business, increasing their high tunnel production, investing in new tillage equipment, and transforming an old dairy barn into an efficient wash-pack shed with food safety in mind. We'll end the evening with local food refreshments and an opportunity to network with growers from NY and VT.
DEC credits: 1.5 credits in categories 1A, 10, 23
Late Summer Orchard Meeting
August 21, 2024
Fonda, NY
Join us for our last get together of the summer before we're in the thick of harvest. At this meeting, we will tour Sand Flats Orchard with manager Mitch Hoffman, and we will then discuss late season pest management tasks with our experts from the HVRL and Cornell AgriTech.
DEC Credits: 1.5 credits in categories 1A, 10, and 22.