; Helping Ohio Farmers Navigate the Tax Cuts & Jobs Act of 2017 | Conferences | AgRisk Library


Conference Name Helping Ohio Farmers Navigate the Tax Cuts & Jobs Act of 2017

David Marrison, Chris Bruynis, and Barry Ward


The goal of the federal Tax Cuts and Jobs Act passed in December 2017 was to simplify taxes. While general simplifications were made, some would argue that farm taxes have become more difficult. This historical tax reform legislation made significant changes to equipment depreciation, like-kind exchanges, net operating losses, and created a new Qualified Business Income deduction. These changes prompted this team of professionals to develop a comprehensive outreach effort to help educate farm families. This educational effort included offering farm tax meetings across Ohio and conducting three webinars. This presentation will provide details of these programs and their impacts. To date, the team has taught 18 sessions for farm audiences reaching over 500 producers with an additional 337 individuals participating in the three webinars. The team also conducted a 2 hour train the trainer session to 50 Extension Educators in attendance at the 2018 Ohio Farm Management In-service. Typical evaluation results showed substantial gains in knowledge by the participants. 100% of the participants in the 2019 farmer workshops reported the workshop helped to increase their knowledge of the key provisions of the Tax Cuts & Jobs Act of 2017 and how it may impact their farm operations. In addition, 96.9% indicated they felt more confident in their ability to communicate with their tax professional about farm taxes.