Ohio State University Extension will host a Farm Tax Webinar Feb. 6 to help farmers understand new tax laws and rules adapted after the “fiscal cliff” legislation.
The two-hour program will offer updates on key issues pertinent to farmers, said Larry Gearhardt, director of the Ohio State University Income Tax School Program of OSU Extension.
“This webinar is so important because it’s an opportunity to explain to farmers and producers the changes in tax laws as a result of the ‘fiscal cliff’ legislation,” he said. “Some of those changes will have an impact on 2012 taxes, while other changes will have an impact on planning for future taxes.”
One example is the new rule that allows farmers who don’t make estimated tax payments an extra six weeks to file their 2012 taxes this year, Gearhardt said.
“Because of the confusion stemming from the new legislation, farmers who don’t make estimated tax payments now have until April 15 to file their taxes, instead of the previous March 1 deadline,” he said. “But there is a form that they must file in order to do so.
“Other changes, for example, may have an impact on future generations, such as the changes to the estate tax.”
The webinar, which runs 7-9 p.m., can be viewed online by going to http://carmenconnect.osu.edu/ohioagmanager . No pre-registration is required.
The following issues will be discussed:
Fiscal Cliff Legislative Update
- Farm bill extension - What does it mean?
- Average Crop Revenue Election program (ACRE) update
- Supplemental Revenue Assistance Payments program (SURE) update
- New income tax brackets section 179 extension and increase
- Special depreciation increase
- Payroll tax increase
- Filing status delay due to Form 4562
2012 Weather-Related Sales
- Crop insurance and disaster payments
- Weather-related livestock sales
- Estate tax issues
- New federal income tax limitations
- Elimination of Ohio estate tax
Miscellaneous Farm Issues
- Current Agricultural Use Value (CAUV) tax increase
- Oil and gas lease and royalty income
- Hunting lease income
- Conservation easement deduction
- Taxation of agriculture commodities
The webinar is offered by OSU Extension’s Income Tax School Program. OSU Extension faculty Chris Bruynis, David Marrison and Gearhardt are the webinar presenters.
The webinar is a “great chance for producers and farmers to learn more about the changes in agricultural taxes,” said Marrison, who is an OSU Extension educator.
“The fiscal cliff legislation had some interesting surprises for agriculture, especially the changes to the estate tax and with section 179, which is an accelerated way to write off expenses on the farm,” he said. “There are a lot of other changes, such as those made to the payroll tax and special depreciation.
“Because of the fiscal cliff, there are countless changes to the tax law that affect agricultural businesses. We’ve tried to make it an easy two hours packed with information that people can connect to from the comforts of their homes.”
For more information about the webinar, contact Marrison at firstname.lastname@example.org or 440-576-9008