JM Innovations



Ohio Ag News Headlines
Farmer and Farmland Owner Income Tax Webinar Set
Ohio Ag Connection - 11/19/2020

Do you know how the COVID legislation may affect your tax return? Do you know how equipment trade-ins may affect your federal and state tax returns? Farmers and farmland owners who wish to increase their tax knowledge should consider attending this webinar that will address tax issues specific to this industry. Content focuses on important tax issues and will offer insight into new COVID related legislation.

Mark your calendars for Dec. 3, encourages Barry Ward of Ohio State University, and plan to participate in this live webinar from 6:30 to 8:30 p.m. The event is a joint offering from OSU Income Tax Schools which are a part of OSU Extension and the College of Food, Agricultural and Environmental Sciences and Purdue University Income Tax Schools. If you are not able to attend the live webinar, all registered participants will receive a link to view the recorded webinar at a time of their convenience. This link will be available through the tax filing season.

The two-hour program is targeted towards owners who file their own farm taxes or simply wish to arm themselves with more tax information that will help them to better plan for tax filing.

Topics to be discussed during the webinar include:

- Tax Issues related to COVID-related legislations including tax credits, PPP loans, EIDL loans etc.

- New 1099-Misc and 1099-NEC

- Tax planning in an unusual year: prevented planting and revenue crop insurance indemnity payments, CFAP payments, etc.

- Like Kind Exchanges (farm machinery and equipment no longer are eligible for this provision -- this is a significant change), how this change may affect state income tax and how this change may affect your Social Security credits and eventual payments

- Qualified Business Income Deduction, sales to cooperatives, lease income

The cost for the webinar is $35. To register, go to https://tinyurl.com/y2qem43h


Other Ohio Headlines
McFarlanes/Flexharrow
Kelly Manufacturing
Copyright © 2020 - Farms.com. All Rights Reserved.