Register Now for Farm Tax Workshop

Posted On August 21, 2014— Written By

Schedule F Form

The Chatham County Center of North Carolina Cooperative Extension will offer a workshop on Tax Issues for Diversified Farmers from 1:00-5:00 p.m. on Monday September 22 at the Silk Hope Farm Heritage Center in Silk Hope, NC. The workshop will be taught by North Carolina State University Farm Management Specialist Guido van der Hoeven*. This workshop will offer something for everyone, from beginner to experienced farmers.

We last did this workshop in 2012. Here’s what some of the participants said in their written evaluation comments:

Very good speaker with a hard subject to understand.

I liked the interaction and the ability to ask focused questions related to our business. 

Guido is very informed and entertaining. This will help me keep my records in order and prepare my taxes.

Many participants from the last workshop said it needed to be longer so we added an extra hour to allow extra time.

Agenda:

Sales Taxes

  • Sales tax exemption for purchase of inputs plus a discussion of the new NC law changes
  • Collection and remittance of sales taxes on sales of farm products
  • Q&A relative to NC law changes

Income Taxes

  • Walk through the Schedule F (Profit or Loss from Farming) line by line. Guido will discuss what can or can’t be included on each line; discussion of independent contractor vs. employee
  • Walk through IRS Form 4797 (Sale of Business Assets)  and discussion of why it’s important to understand the context of a transaction; briefly address capital gain

 Question & Answer Session

  • Registered participants will be invited to submit questions in advance that Guido will try to address.

* Guido van der Hoeven is an Extension Specialist/Senior Lecturer at NC State University since 1995 and has experience preparing tax returns for nearly 40 years. Van der Hoeven is an Enrolled Agent and his extension focus is farm management specifically in the areas of taxation, estate planning and intergenerational transfer of productive farms.

Advance registration is required by September 17. The cost of the workshop is $15 and includes handouts.

To download a registration form, visit the workshop section of the Growing Small Farms website.