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Agricultural News

Seminar Assists Producers in Managing Taxable Income

Mon, 25 Nov 2013 12:36:10 CST

Seminar Assists Producers in Managing Taxable Income
Many tax benefits important to agricultural producers were permanently extended in legislation passed on Jan. 1, 2013.

To provide farmers and ranchers in the Southern Great Plains the latest information in preparation for tax season, The Samuel Roberts Noble Foundation will host a free seminar, “Managing Taxes for Agricultural Producers.”

The seminar will take place from 1:30 p.m. to 4:30 p.m., Tuesday, Dec. 10, 2013, at the Noble Foundation Kruse Auditorium. During the event, agricultural economists, along with an Ardmore CPA, will provide information, tips and advice on:

--         Reporting lease income and expenses.

--         Reporting contract labor versus employee expense.

--         Capital asset purchases and sales.

--         Stocker cattle purchases and sales.

--         Reporting income from pipeline and location damages.

--         Review of Section 179 deduction.

--         Year-end tax planning.

A Social Security Administration representative 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.

“Time spent learning about the tax implications of buying and selling transactions can be very beneficial to agricultural producers in managing their tax bill each year,” said Dan Childs, agricultural economist. “We want to help provide our regional producers with the knowledge that will make them successful. This seminar will discuss the latest information relevant to managing taxable income and making informed decisions about Social Security benefits.”

This event is offered at no charge, but advance registration is required. To register, please visit www.noble.org/agevents or contact Jackie Kelley at 580.224.6360.



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