The 2017 Tax Act contains the biggest changes to farm taxes in 30 years. One new deduction for Qualified Business Income will be very helpful to small and beginning farmers, but it requires planning. Established farmers on payroll and filing taxes as S-corporations may need to revise their tax strategies to take advantage of the new law. Farmers who have purchased a property used as their residence and farm will have the most new planning challenges and opportunities under the new law. Farmers with trees, vines, and value-added products have the greatest benefits in terms of tax simplification. Come to this session for an overview of the new tax formula and the critical planning opportunities for farmers. No prior tax knowledge needed.
Farm Business & Labor
A | 8:30 am