A December 17 workshop offered by OSU Extension, Darke County with Larry Gearhardt, director of the Ohio State University Income Tax School Program of Ohio State University Extension, will focus on interpreting tax regulations and recent changes in tax laws and is designed to help farmers learn what questions to ask to make more informed decisions about their taxes, he said.
OSU Extension is the statewide outreach arm of the college.
The “Year End Tax Tips for Farmers” program is at 7 p.m. at 603 Wagner Ave. in Greenville, in OSU Extension’s Darke County office. The workshop cost is $5 per person. Reservations can be made by calling 937-548-5215.
Workshop topics will include:
- Section 179 expense deductions
- Bonus depreciation
- Regular depreciation
- CAUV Update
Gearhardt said the topics were chosen because they are “key issues for farmers.”
The workshop will focus on factors farmers need to weigh individually when deciding how to file their taxes, including: how old are they; do they plan to expand their operations; how much they made this year; is there a younger generation coming up; and which area of agriculture they are in, Gearhardt said.
“We encourage farmers to sit down with their tax advisors to make the best decisions for their individual situations, but want to hold this workshop to let them know more about these major provisions that are set to expire,” he said. “We like to think of taxes as a risk management tool, and encourage people to think and plan ahead rather than at the end of the year when it is too late.
“Preplanning is key.”"
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