Register Now for Farm Tax Webinar on Depreciation
go.ncsu.edu/readext?1019323
en Español / em Português
El inglés es el idioma de control de esta página. En la medida en que haya algún conflicto entre la traducción al inglés y la traducción, el inglés prevalece.
Al hacer clic en el enlace de traducción se activa un servicio de traducción gratuito para convertir la página al español. Al igual que con cualquier traducción por Internet, la conversión no es sensible al contexto y puede que no traduzca el texto en su significado original. NC State Extension no garantiza la exactitud del texto traducido. Por favor, tenga en cuenta que algunas aplicaciones y/o servicios pueden no funcionar como se espera cuando se traducen.
Português
Inglês é o idioma de controle desta página. Na medida que haja algum conflito entre o texto original em Inglês e a tradução, o Inglês prevalece.
Ao clicar no link de tradução, um serviço gratuito de tradução será ativado para converter a página para o Português. Como em qualquer tradução pela internet, a conversão não é sensivel ao contexto e pode não ocorrer a tradução para o significado orginal. O serviço de Extensão da Carolina do Norte (NC State Extension) não garante a exatidão do texto traduzido. Por favor, observe que algumas funções ou serviços podem não funcionar como esperado após a tradução.
English
English is the controlling language of this page. To the extent there is any conflict between the English text and the translation, English controls.
Clicking on the translation link activates a free translation service to convert the page to Spanish. As with any Internet translation, the conversion is not context-sensitive and may not translate the text to its original meaning. NC State Extension does not guarantee the accuracy of the translated text. Please note that some applications and/or services may not function as expected when translated.
Collapse ▲
Dairy cows at Lindale Farm. Photo by Debbie Roos.
The North Carolina Cooperative Extension – Chatham County Center is conducting a Farm Tax Webinar on September 19 about depreciation and recovering the cost of capital assets. It has become evident from our past farm tax webinars that based on the number of questions we have received from farmers over the years, the topic of depreciation deserves its own webinar!
Target audience: farmers (vegetables & fruits, cut flowers, livestock, hemp, row crops, etc.), nursery growers, beekeepers.
Depreciation: Recovering the Cost of Capital Assets on the Farm
Date: September 19, 2024
Time: 6:00-8:00 p.m. EST
Presenter: Guido van der Hoeven (see bio below)
Farm businesses use assets such as equipment, machinery, buildings, and various classes of livestock to produce the wonderful products grown or raised. These business assets can be capital intensive regardless of business scale; thus owners and operators want to recover the cost of these assets in a manner which moves the business closer to its goals. This webinar will discuss the tax rules under which these assets are deducted from business income through depreciation. Businesses should consider the long-term as well as the short-term impacts of making a depreciation decision, as the rules provide a measure of flexibility in making such decisions.
Topics:
- Modified Accelerated Cost Recovery System (MACRS) and recognizing recovery periods to use for farm assets
- Differences between General Depreciation System (GDS) and the Alternative Depreciation System (ADS) and when to use either
- Tax planning in the context of Depreciation
- Bonus Depreciation
- The Expensing Election under IRC section 179
- Questions and Answers
By attending the webinar, attendees should gain perspective to meet near- and long-term financial goals as their farm businesses are managed with profitability in mind.
Note: Registrants will be given the opportunity to submit questions about depreciation in advance.
The cost for the webinar is $15. Registrants will receive the Zoom link two days prior to the webinar. and will receive a recording of the webinar and a list of resources afterwards.
Register for the Depreciation Webinar.
Presenter Bio:
Guido van der Hoeven retired as an Extension Specialist/Senior Lecturer in the Department of Agricultural and Resource Economics at North Carolina State University in 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. Guido van der Hoeven currently operates a consulting business, vdH Consulting, in which he is the Principal Consultant. VdH Consulting offers tax education, tax planning, business succession planning, and general rural business strategy. 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.
Feedback from Spring 2024 Farm Tax Webinars Taught by Guido
When we did our farm tax webinars in early spring 2024, 100% of participants said they felt better prepared to make informed tax management decisions that would benefit their farm.
Here’s a sampling of what participants said about Guido’s early spring 2024 spring Farm Tax webinars:
- Extremely knowledgeable instructor, who took the time to answer every question.
- I loved the thorough organization and the presenter’s experience/ability to customize the examples and scenarios for farmers and agritourism; also his wealth of experience to draw on for the Q&A
- Guido’s knowledge was incredible and I truly enjoyed being able to ask questions in the comments. I REALLY appreciate that it is recorded for later viewing.
- Expert instruction, very clear and relevant.
- The level of detail was ideal – not overly complex yet in-depth. Guido is an excellent speaker!
Questions? If you have questions about this webinar, contact Sustainable Agriculture Agent Debbie Roos at debbie_roos@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.