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February
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Description:

The North Carolina Cooperative Extension, Chatham County Center is conducting a Farm Tax  Webinar Series as part of its Enhancing Sustainability Series starting on February 15 and ending in early March. All webinars will be from 6–8 p.m EST.

Target audience: farmers (vegetables & fruits, cut flowers, livestock, hemp, row crops, etc.), nursery growers, beekeepers, aquaculture producers.

The webinars will be taught by Agricultural Tax Specialist Guido van der Hoeven. Guido is a retired Extension Specialist at NC State University, and we have been collaborating on farm tax workshops in Chatham County for over 10 years. These workshops always prove to be very popular; in fact, 95% of participants from our last farm tax workshop rated it as outstanding or excellent.

This first webinar on Farm Tax and Business Info 101 is intended for new or beginner farmers and folks considering transitioning from homestead production to market farming.

Topics:

  • When does the IRS consider you a farm? When are you required to file a Schedule F?
  • What is a Schedule F and when do I need to file one? Note: the February 22 and February 24 webinars will go into detail on the Schedule F form
  • Three ways to identify yourself as a farmer
  • The character of income: farm income (earned income); capital income (e.g., selling livestock, land easement, sale of stock), passive income (e.g., rental income, interest and dividends); know the difference so you know what to put on Schedule F vs. other forms
  • What is a Farm Number, what is it for, and how do I get one?
  • What is a Tax ID number, what is it for, where do I get one, and how is it different from a Farm Number?
  • Brief introduction to sales tax: what this means for farmers, minimum income requirements, etc. (this will be covered in more detail in the March 8 webinar)
  • Present Use Value Program
  • Which farm business structure (sole proprietorship, LLC, etc.) is appropriate for me and when/how might that change over the years?
  • What is a ”bona fide farm”?

The cost for the webinar is $15 and pre-registration is required. Registrants will receive a recording of the webinar and a list of resources. Deadline for registration is February 14.

Here is a list of the 2022 Farm Tax Webinars :

  • February 15, 2022: Farm Tax and Business Info 101 
  • February 22 and February 24, 2022: Schedule F Income & Expenses
  • March 8, 2022: Sales and Property Tax Issues for Farmers 

You must register for each webinar separately (the two Schedule F webinars are taken together so you only register once for those). 

For information on the webinars and a link to register, go to https://growingsmallfarms.ces.ncsu.edu/2022/01/register-now-for-extensions-farm-tax-webinars/ 

Feb 15 Tue