Beginning Farmer Program Tax Management and Records

C. Rob Holcomb ( December, 2023 )

Summary

Deals with: 12/1/2023 © 2023 Regents of the University of Minnesota. All rights reserved. 4 7 © 2023 Regents of the University of Minnesota. All rights reserved. 365,846 0 100,000 200,000 300,000 400,000 500,000 600,000 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 Figure 1: Average & Median Net Farm Income Southwest Minnesota Farm Business Management Association Nominal Dollars Avg. NFI Constant 2022 Dollars Avg NFI Nomianal Dollars Median NFI Copyright © 2023 University of Minnesota 8 © 2023 Regents of the University of Minnesota. All rights reserved. Agenda ? Records system & character of income ? Scams and Emerging Issues ? Tax Planning Strategies ? Tax planning examples

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