MSU Extension farm business management educators hold webinar to assist with farm taxes

Florencia Colella<colellaf@msu.edu>, Michigan State University Extension - July 06, 2020

The webinar, scheduled for July 17 at noon, will help farmers collect all the necessary information for tax season.

A man sitting in a chair looking at his IPad — Photo by Barbara Jackson, Pixabay.com

The newly designed "Prepare your farm for tax season now" Zoom webinar, hosted by Michigan State University Extension educator Florencia Colella, will be given on July 17 in a one-hour session from noon to 1 p.m. MSU Extension educator Corey Clark will join Colella to talk about farm records, farm taxes, and how to collect all the necessary information for tax season now.

Running a farm business involves budgeting, saving, setting financial goals, performing financial analysis, creating tax management strategies, and handling sometimes very large amounts of debt. This causes a great deal of concern for farmers and their families. It doesn’t have to be that hard.

The goal of this program is to help farmers who do not have a good record keeping system in place yet, are not ready to buy accounting software, hate computers, love spreadsheets, want to take the next step beyond keeping records in a shoebox, or who want to get their records straight using something like Michigan State University Extension's Farm Records Book (www.bit.ly/farmrecordsbook) in preparation for the next tax season. This webinar will provide you with information that will empower you to prepare to meet with your tax preparer with confidence.

This will be the first of a series of webinars. Be sure to reach out to Florencia Colella at colellaf@msu.edu if you are interested in being notified of future sessions, or if you have questions or concerns.

Come join us for the "Prepare your farm for tax season now" online workshop and stop stressing about your farm's finances.

You may find more information and the registration link here: https://www.canr.msu.edu/events/prepare-your-farm-for-tax-season-now-online-workshop

Michigan State University Extension has many other resources available, including bookkeeping and financial analysis tools to help you with the important decisions you have to make as a farm manager. Many of these resources can be found at the MSU Extension Farm Management website: https://www.canr.msu.edu/farm_management. Contact your Farm Business Management Extension Educator if you need help finding the right resources for your particular situation.

This article was published by Michigan State University Extension. For more information, visit https://extension.msu.edu. To have a digest of information delivered straight to your email inbox, visit https://extension.msu.edu/newsletters. To contact an expert in your area, visit https://extension.msu.edu/experts, or call 888-MSUE4MI (888-678-3464).