Farm Tax School Series Announced

Cornell Cooperative Extension offers an educational series 

to assist with farm income tax management

SOUTHWEST NEW YORK (September 21st, 2021) – 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 is an employer and educator recognized for valuing AA/EEO, Protected Veterans, and Individuals with Disabilities and provides equal program and employment opportunities. For accommodations and accessibility concerns, please Katelyn Walley-Stoll by calling 716-640-0522. This information is for educational and reference purposes only and is not a substitute for sound legal counsel and tax preparation. Cornell Cooperative Extension is dedicated to proving research-based information to our agricultural producers. Every effort has been made to provide correct, complete and up-to-date recommendations. Changes occur constantly and human errors are possible.

If you would like more information about this topic, please call Katelyn Walley-Stoll at 716-640-0522 or email kaw249@cornell.edu. For more information about Cornell Cooperative Extension, contact your county’s Association Executive Director. Allegany County – Laura Hunsberger, lkh47@cornell.edu or 585-268-7644. Cattaraugus County – Dick Rivers, rer263@cornell.edu or 716-699-2377. Chautauqua County – Emily Reynolds, eck47@cornell.edu or 716-664-9502. Erie County – Diane Held, dbh24@cornell.edu or 716-652-5400. Steuben County – Tess McKinley, tsm223@cornell.edu, or 607-664-2301. 

Last updated September 22, 2021