Register Now for Extension’s Farm Tax Webinars!

Posted On January 21, 2022— Written By
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The North Carolina Cooperative Extension, Chatham County Center is conducting a Farm Tax  Webinar Series as part of its Enhancing Sustainability Series starting on February 15 and ending in early March. All webinars will be from 6–8 p.m EST. See below for details on each webinar.

Target audience: farmers (vegetables & fruits, cut flowers, livestock, hemp, row crops, etc.), nursery growers, beekeepers, aquaculture producers.

Note: this webinar series is geared towards North Carolina farmers. However, most of the information provided will be relevant to farmers throughout the U.S.

The webinars will be taught by Agricultural Tax Specialist Guido van der Hoeven (see bio at the bottom of this page). Guido is a retired Extension Specialist at NC State University, and we have been collaborating on farm tax workshops in Chatham County for over 10 years. These workshops always prove to be very popular; in fact, 95% of participants from our last farm tax workshop rated it as outstanding or excellent.

Testimonials from past Chatham County Farm Tax Workshop Participants taught by Guido:

  • Excellent instructor, brings real situations into the classroom.
  • Dynamic speaker and I appreciate that he was so open with his knowledge.
  • Presenter was very knowledgeable and interjected enough humor to keep it interesting.
  • Excellent review of tax strategies; good info, thorough treatment of tough topic. First time I have ever begun to understand taxes. Very helpful information offered in an easy to understand way.

Here is a list of the 2022 Farm Tax Webinars (scroll down to view details on each one):

You must register for each webinar separately (the two Schedule F webinars are taken together so you only register once for those).

February 15, 2022: Farm Tax and Business Info 101
Time: 6:00-8:00 p.m. EST

This first webinar is intended for new or beginner farmers and folks considering transitioning from homestead production to market farming.

Topics:

  • When does the IRS consider you a farm? When are you required to file a Schedule F?
  • What is a Schedule F and when do I need to file one? Note: the February 22 and February 24 webinars will go into detail on the Schedule F form
  • Three ways to identify yourself as a farmer
  • The character of income: farm income (earned income); capital income (e.g., selling livestock, land easement, sale of stock), passive income (e.g., rental income, interest and dividends); know the difference so you know what to put on Schedule F vs. other forms
  • What is a Farm Number, what is it for, and how do I get one?
  • What is a Tax ID number, what is it for, where do I get one, and how is it different from a Farm Number?
  • Brief introduction to sales tax: what this means for farmers, minimum income requirements, etc. (this will be covered in more detail in the March 8 webinar)
  • Present Use Value Program
  • Which farm business structure (sole proprietorship, LLC, etc.) is appropriate for me and when/how might that change over the years?
  • What is a ”bona fide farm”?

Click here to register for the February 15 Farm Tax and Business Info 101 webinar.

The cost for the webinar is $15. Registrants will receive a recording of the webinar and a list of resources. Deadline for registration is February 14.

February 22, 2022: Schedule F Income
Time: 6:00-8:00 p.m. EST

There are two webinars covering Schedule F and they are taken as a unit. The first Schedule F webinar will be focused exclusively on income. The second webinar is two days later and covers expenses.

Topics:

  • Introduction to the IRS Schedule F (Profit or Loss from Farming)
  • What’s considered farm income, what’s not farm income
  • Recordkeeping: what documentation/receipts you should keep; software for tracking income and expenses

February 24, 2022: Schedule F Expenses
Time: 6:00-8:00 p.m. EST

There are two webinars covering Schedule F and they are taken as a unit. The second Schedule F webinar will be focused exclusively on expenses. 

Topics:

  • Expenses: what’s allowed, what’s not allowed
  • Depreciation and sale of business assets (e.g., dairy farmer selling a culled cow)
  • Recordkeeping continued

Click here to register for the two-part Schedule F webinar.

The cost for the webinars is $30 (for both webinars). Registrants will receive a recording of the webinars and a list of resources. Deadline for registration is February 21.

March 8, 2022: Sales and Property Tax Issues for Farmers
Time: 6:00-8:00 p.m. EST

Topics:

  • Sales tax exemption for purchase of inputs: qualifications, how to sign up, etc.
  • Collection and remittance of sales taxes on sales of farm products
  • Present Use Value Program: do I qualify to defer property taxes on my land?

Click here to register for the March 8 Sales and Property Tax webinar.

The cost for the webinar is $15. Registrants will receive a recording of the webinar and a list of resources. Deadline for registration is March 7.

Presenter Bio:

Guido van der Hoeven is an Agricultural Tax Specialist with the Center for Agricultural Law and Taxation at Iowa State University. Guido retired as an Extension Specialist/Senior Lecturer in the Department of Agricultural and Resource Economics at North Carolina State University in Raleigh, North Carolina in October 2019. Guido’s extension responsibilities included: income taxation of individuals and business entities, farm business management and the profitable continuation of “family firms” to succeeding generations. Van der Hoeven serves as President of the Land Grant University Tax Education Foundation, Inc. which publishes a ~650-page text for income tax training of professional tax practitioners and a ~220-page text focusing on Agricultural Taxation.

Questions?

If you have questions about this webinar series, contact Sustainable Agriculture Agent Debbie Roos at 919-542-8244 or dlroos@ncsu.edu.

NC State University and N.C. A&T State University commit themselves to positive action to secure equal opportunity and prohibit discrimination and harassment regardless of age, color, disability, family and marital status, genetic information, national origin, political beliefs, race, religion, sexual identity (including pregnancy), and veteran status. NC State University, N.C. A&T State University, U.S. Department of Agriculture, and local governments cooperating. Persons with disabilities and persons with limited English proficiency may request accommodations to participate by contacting Ginger Cunningham, County Extension Director, at 919-542-8202, ginger_cunningham@ncsu.edu, or in person at the Chatham County office at least 30 days prior to the event.

Written By

Debbie Roos, N.C. Cooperative ExtensionDebbie RoosExtension Agent, Agriculture - Sustainable / Organic Production Call Debbie Email Debbie N.C. Cooperative Extension, Chatham County Center
Updated on Jan 27, 2022
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