NDSU Extension - Mercer County

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Ag Producers Income Tax Management Program Set for Dec. 1

income tax management program, ag producers

Submitted by Craig Askim, Extension Agent/Agriculture and Natural Resources

Mercer County producers and producers across the state have many possible tax savings they can take advantage of during the 2020 tax season. This workshop will explain the options available to you and answer any questions you may have. While taxes are not something many farmers like doing, they are required. Many people have no idea of all the different rules and measures available to them that can provide costs savings.

A tax management program will be offered to producers and tax preparers on Dec. 1 from 1 to 4 p.m. Central time, via Zoom technology.

“This program provides an excellent opportunity for agricultural producers and tax preparers to learn and ask questions about tax management alternatives while there is still time to implement year-end tax management decisions,” says Ron Haugen, North Dakota State University Extension farm management specialist.

The program, sponsored by NDSU Extension and the Internal Revenue Service, will feature presentations by Alan Gregerson, IRS; Kelda Rerick, Haga Kommer, Ltd, Bismarck; Russ Tweiten, Agribusiness Consulting; and Rob Holcomb, University of Minnesota Extension.

Experts will provide federal income tax updates and tax management alternatives.

Program topics include:

  • Federal income tax update
  • IRS update
  • Identity theft and breaches
  • Tax management upon retirement
  • Net operating losses, like kind exchanges
  • Drought forced livestock sales
  • Deferred crop sales
  • Qualified business deduction (199A)

Preregistration is required. The cost for the virtual program and materials is $10. You must connect with Zoom to participate.

To register, visit https://www.ag.ndsu.edu/farmmanagement/events/income-tax-management-for-ag-producers.

For additional information or questions contact Paulann Haakenson at paulann.haakenson@ndsu.edu or 701-231-7393.

Source: Ron Haugen, 701-231-8103, ronald.haugen@ndsu.edu

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