JAMESTOWN, N.Y. — Join Cornell Cooperative Extension Farm Business Management Specialists from across the state for their virtual Farmer Tax School, offered in October 2021 through January 2022. This educational series offers courses designed to inform and empower farm managers to better understand their tax obligations, management strategies, and improve farm profitability. For more information, visit tinyurl.com/ccetaxschool.
Each course, outlined below, has its own fee. There are scholarships available for those experiencing financial hardship. The courses will be offered virtually via live and interactive zoom webinar. For those without internet access, there will be a call-in option available with the opportunity to receive paper copies of the presentation via mail. Each presentation will be recorded and sent to those who are registered (even if you can’t attend the live event).
Register online by visiting www.tinyurl.com/ccetaxschool. This is required three business days in advance of the workshop. You can register for one, some of, or all courses. This series has option for agricultural producers of all shapes, sizes, and time in business.
Income Tax Planning for Farms that File a Schedule F
Wednesdays, October 13th, 20th, 27th
7pm – 8:30pm
$25/farm
A three-part series for farms that are already filing a Schedule F covering tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. Our first session will provide an overview of tax planning, the management of tax liability, and assessing your record keeping system. Second session will delve into everything Schedule F – depreciation and classifying revenues and expenses. The final session will be led by a professional tax-preparer who will introduce tax planning strategies and the timeline for implementation with ample time for questions and discussion.
Farm Financial Records for Decision Making & Tax Management
Thursday, December 2nd
7pm – 9pm
$10/farm
A primer for beginning farmers, or a tune-up for those already in production, on recording income and annual expenses, capital expenditures and depreciation with additional information covering loans & credit card or revolving loan payments, sales of business assets, and deducting losses.
Tax Management for Beginning and Small Farm Businesses
Tuesday, January 18th
7pm – 9pm
$10/farm
A one-night virtual meeting for beginning and part-time farmers that provides useful tax information enabling participants to be make better tax decisions for their business.  Federal and state income taxes will be covered.
Tax regulations specific to NYS will be covered as well.
Farm Specific Tax Code Benefits
Tuesday, January 25th
7pm – 8:30pm
$5/farm
For farm businesses of all shapes and sizes, tune in to learn more about the tax advantages available for farms. This workshop will include information for the current tax season.
There are sponsorship opportunities available to help off-set the cost of the program. Farm Financial Services Providers are encouraged to join as a sponsor. This will add their name to a service directory that will be made available electronically and in print to all participants. Sponsorships are available for $100/organization and will also collect information about services offered, location, and contact information.
For more information, or for assistance in finding the course that is right for you, contact your regional Farm Business Management Specialist or any of the following planning team members:
- Bonnie Collins, CCE Oneida County, 315-335-4268, bsc33@cornell.edu
- Steve Hadcock, Capital Area Agriculture and Horticulture, 518-380-1497, seh11@cornell.edu
- Elizabeth Higgins, Eastern New York Commercial Horticulture, 518-949-3722, emh56@cornell.edu
- Mary Kate MacKenzie, South Central New York Dairy and Field Crops, 509-294-6073, mkw87@cornell.edu
- Dayton Maxwell, Capital Area Agriculture and Horticulture, 518-380-1498, dtm4@cornell.edu
- Joan Petzen, Northwest New York Dairy, Livestock, and Field Crops, 716-378-5267, jsp10@cornell.edu
- Nicole Tommell, Central New York Dairy, Livestock, and Field Crops, 315-867-6001, nt375@cornell.edu
- Katelyn Walley-Stoll, Southwest New York Dairy, Livestock, and Field Crops, 716-640-0522, kaw249@cornell.edu
SWNYDLFC is a partnership between Cornell University and the CCE Associations of Allegany, Cattaraugus, Chautauqua, Erie, and Steuben counties. Their team includes Katelyn Walley-Stoll, Farm Business Management (716-640-0522); Amy Barkley, Livestock Management (716-640-0844); and Camila Lage, Dairy Management (607-422-6788).
–Cornell Cooperative Extension
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