Income Tax Management for Ag. Producers, Dickinson ND

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Learn about tax management alternatives

A “Tax Management for Ag Producers” program will be offered to agricultural producers and tax preparers from 9 a.m. to noon CST on Monday, November 28, via interactive video at 9 sites around the state, including Dickinson:

Dickinson State University
Klinefelter Hall 220
8 a.m. to 11 a.m. Mountain Time
Pre-registration is required

The program provides an excellent opportunity for agricultural producers and tax preparers to learn about tax management alternatives while there is still time to implement year-end tax management decisions.  

There will be updates regarding 2016 federal income rates, brackets, deductions and limits. Tax planning ideas for farmers during low income years will be discussed. The IRS will explain W-2 and 1099 rules, determination of independent contractor or employee status, and concerns of taxpayer identity theft. Depreciation rules and strategies and when to capitalize repairs will be reviewed. 

There will be sessions on managing taxable income and handling of net operating losses. The strategies and proper procedures for using farm income averaging will be discussed. There also will be is a presentation on the principles of farm transition planning.

The program, sponsored by the NDSU Extension Service and Internal Revenue Service, will feature presentations by Ann Makres, IRS; Judy Gilbertson, AgCountry, Jamestown; Rhonda Mahlum, Mahlum Goodhart PC, Mandan;  Jess Nehl, Eide Bailly, Bismarck; and Brent Roeder, Eide Bailly, Fargo.

Four question and answer periods are scheduled during the three-hour program. Pre-registration is required, as seating is limited. The cost for the program and materials is $15. The program is approved IRS Continuing Education Provider for 3 credits.

For additional information or registration, call the NDSU Extension Service in Fargo at (701) 231-8642.

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