Income Tax Planning for Farms that File a Schedule F

Cornell Cooperative Extension offers tips for meeting your farm business tax planning goals

SOUTHWEST NEW YORK (September 29th, 2021) – Join Cornell Cooperative Extension Farm Business Management Specialists from across the state for their virtual course “Income Tax Planning for Farms that File a Schedule F”. This three-part series for farms that are established and already filing a Schedule F will be held on Wednesdays, October 13th, 20th, and 27th from 7pm – 8:30pm. For more information, visit tinyurl.com/ccetaxschool.

Topics covered include tax planning and goals, handling farm profits/losses, and strategies to improve your tax position while also working positively with your accountant/tax preparer. The 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.

The course is $25/farm with scholarships available for those experiencing financial hardship to attend for free (no proof of hardship needed). 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, required three business days in advance of the workshop.

This course is part of Cornell Cooperative Extension's Farmer Tax School: An educational series from Cornell Cooperative Extension Farm Business Management Specialists offering courses designed to inform and empower farm managers to better understand their tax obligations, management strategies, and improve farm profitability. This consists of four courses offered October 2021 - January 2022. For more information, visit tinyurl.com/ccetaxschool. This series has options for agricultural producers of all shapes, sizes, and time in business.

For more information 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 29, 2021