Farm tax workshop set for Friday
PARKERSBURG — Navigating the difficult road of farm taxes is the focus of a workshop scheduled this Friday.
The Farm Tax Workshop will be 10 a.m.-noon in the Fort Boreman Room of the Judge Black Annex in Parkersburg.
Friday’s workshop is free and lunch is being provided. The extention service wants people to call in and reserve a spot if they are planning to come. For more information or to reserve a spot, people can call 304-424-1960.
“The perspective of the workshop is toward enlightening participants as to how to manage tax liability as opposed to accurately filing the tax forms,” said J.J. Barrett, Wood County Agricultural Extention Agent. “Many farm couples are too busy keeping their operations, families and lives organized to realize that they ‘don’t know what they don’t know’ about tax management.
“They usually dread taxes, so they put off completing their reporting until near the tax deadline. This practice denies them the pre-paid expense option which allows them to truly manage, not just pay their taxes.”
The program is being sponsored by the Wood County Farm Bureau and the West Virginia University Extension Service. It will allow people to learn how to manage their tax liability, invest in the farm, the farmer’s home, the business and family, organizers said.
It will be conducted by Tom McConnell, Farm Management Specialist with the WVU Extension Services’s Small Farm Center. McConnell has taught the program before at other gatherings across the country.
He teaches many farmers about record keeping, doing their tax work, risk management, financing and more, Barrett said.
In surveys Barrett has conducted, many farmers want more information on farm management, record keeping and doing taxes, managing their tax liability, investing and more.
“It is pretty complicated,” he said.
They wanted to do this workshop before the end of the year.
“The farm taxes are due in March,” Barrett said. “If more of your income comes off the farm, decisions can be made now if you have your income and expenses completed now you can make decisions to reduce your tax liability.”
It allows farmers to be able to make certain deductions, Barrett said adding if the farmer made extra money they can arrange things to be able to purchase some needed equipment or prepay on some fertlizer they will use next spring.
“Regardless of what farming you do … this is the time of year to look at your records and see what your tax liability will be,” he said.
Barrett estimated there were around 800 working farms in Wood County.