UNDERSTANDING AGRICULTURAL BUSINESS TAXES

This event has been canceled

THIS SEMINAR HAS BEEN CANCELED DUE TO LOW ENROLLMENT. Helping your agricultural business succeed is important and understanding tax issues special to the agricultural industry can be time-consuming and complicated. In this seminar attendees will learn about the following topics as they relate to an agricultural business: • Sales taxes • Sales tax exemption for purchase of inputs plus a discussion of the relatively new NC law changes • Collection and remittance on sales of farm products • Income taxes Attendees will also have the opportunity to walk through the following tax forms: • Schedule F (Profit & Loss from Farming) line by line • IRS Form 4562 (Depreciation & Amortization) and discuss the tax planning and management strategies available to farm businesses • IRS Form 4797 (Sales of Business Assets) and discussion on why it’s important to understand the context of a transaction.

Speaker(s): Guido van der Hoeven, North Carolina State University Extension Specialist

Fee: No Cost