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Teaching Tax Issues to Beginning Farmers and Ranchers

Ruby Ward

Summary

Tax issues can be overwhelming. They can also pose a significant expense to an operation. For beginning farmers and ranchers the tax liability for self-employment tax may be unexpected and if not planned for could be a source of risk for an operation. Often a new producer is only worried about income taxes and not aware of self-employment tax issues which are often much higher than income tax. Beginning farmers and ranchers may also need information about choices they can make in starting their business.
This presentation will draw on the experience of all members of the Rural Tax Education group in presenting these materials to a beginning farmer and rancher audience. It will provide materials that can be used in other educational programs including presentations, handouts, and additional resources for participants. The presentation will also explain the motivation for including tax issue in other educational programs.

Details

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