Changes to federal tax laws could impact the bottom line of farmers and those with ag-related businesses. On Dec. 3, Purdue Extension will offer a free workshop to help agriculture professionals understand and assess those changes.
The Impact of New Tax Law on Agriculture workshop will be from 6:30-8:30 p.m. at the Purdue Extension office in Greenfield, Indiana, located at 802 Apple St., just north of the Hancock County Fairgrounds.
Michael Langemeier, a Purdue University agricultural economics professor and associate director of the university’s Center for Commercial Agriculture, will be the workshop presenter.
“The new tax code is now in effect, and the changes to individual and business taxes are substantial,” Langemeier said. “People will need to understand how these changes will impact their farm operations for the current tax year and what measures they can take to minimize their tax burden.”
Among topics will be tax rates, tax credits, itemized deductions, and retirement and savings issues, as well as business topics such as the qualified business income deduction, capital gains rates depreciation and the taxation of leasing income. Langemeier said the program will give attendees information to help them have discussions with their tax preparer and to know what documentation they might need to achieve the best results in preparing tax returns.
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“The goal is not to make people tax experts, but to provide a basic overview of the changes, how they may impact Indiana farmers and what measures they might consider to prepare,” said Roy Ballard, workshop organizer and Purdue Extension-Hancock County educator. “Harvest is wrapping up, and the end of the year is in sight, so it’s an optimal time to start thinking about these tax questions.”
The session is free and open to the public, but space is limited. Those planning to attend must preregister by Nov. 30 (Friday). To register or for more information, call 317-462-1113 or contact Ballard at firstname.lastname@example.org or Lais McCartney at email@example.com.