Income tax issues are important for agricultural operations because income taxes and self-employment taxes are major cash expenditures. Furthermore USDA programs are being based on the producer’s income tax returns.
The RuralTax.org web site was created by members of the National Farm Income Tax Extension Committee in the fall of 2010 as a source of information about income tax issues and their management implications. The web site is a joint project of 15 Land Grant Institutions.
While most producers do not prepare their own tax return, they need to understand basic tax issues. This permits them to understand what their tax preparer is doing and to make informed decisions that may affect their tax obligations and hence cash flow both in the current year and future years. The website includes a sample farm return with details about each form, over 20 fact sheets and links to other materials. All these materials are peer reviewed.
The primary audience for this website is farmers and ranchers, other agricultural producers and Extension educators. While a great amount of information is available on income taxes few are focused on agricultural issues and special tax treatments to help producers cope with income variability and are not accessible to producers. RuralTax.org is a source for agriculturally related income and self-employment tax information that is current, uncomplicated and straight forward.
|Conference||2011 Extension Risk Management Education National Conference|
|Presentation Type||30-Minute Concurrent|