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Agricultural News

Noble Foundation Seminar Assists Producers in Managing Taxable Income

Fri, 02 Dec 2011 15:13:23 CST

Noble Foundation Seminar Assists Producers in Managing Taxable Income The Samuel Roberts Noble Foundation will help farmers and ranchers in the Southern Great Plains prepare for tax season by hosting a free Tax Update Seminar.

The seminar will take place from 1:30 p.m. to 4 p.m., Tuesday, Dec. 13, 2011, at the Noble Foundation Kruse Auditorium (located at 2510 Sam Noble Parkway, Ardmore, Okla., 73401). During the event, agricultural economics consultants Jeri Donnell, Job Springer and Dan Childs, along with Ardmore CPA Doug Dean and a representative from the Social Security Administration, will provide information, tips and advice on:

-capital gain tax rates, depreciation and expensing;

-tax implications of livestock sales during drought;• reporting proceeds from crop and forage insurance;

-deductible repairs vs. capitalization;

-determining income for farm program eligibility; and

-year-end tax planning.

The seminar will also provide information related to Social Security topics, such as Social Security for spouses on the farm, rules that affect collecting disability and income levels that can impact Social Security benefits.

"This is one of the most important times of the year for an agricultural producer, and we want to help provide our regional producers with the knowledge that will make them successful," Childs said. "This seminar will discuss the latest information relevant to managing taxable income, and making informed decisions about Social Security benefits."

The event is offered at no charge, but advance registration is required. To register, please contact Tracy Cumbie at 580.224.6411 or at the Noble Foundation Events website.



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