Farmers, producers, tax preparers and anyone who wants to learn more about the potential changes in tax laws, including those that relate to Expense Deductions and Bonus Depreciation (Section 179), can participate in a day-long tax webinar and workshop Dec. 15 hosted by Ohio State University’s College of Food, Agricultural, and Environmental Sciences.
The six-hour program will focus on special issues specific to farm tax returns related to agriculture and natural resources and is open to tax preparers as well as individuals who file their own farm taxes, said Larry Gearhardt, director of the Ohio State University Income Tax School Program of Ohio State University Extension.
The program, which is an intermediate level course, will also look at what potential changes are made to the rules on expense deductions and bonus depreciation, Gearhardt said.
“We’re waiting to see what Congress does with section 179 expense deductions and bonus depreciation (should this be capitalized?), which likely won’t see any movement until after the November election,” he said. “When the previous rules expired in 2013, the expense deduction went from $500,000 in 2013 to $25,000 in 2014.
“We are counting on it being raised back up to a higher level this year. Likewise, in 2013, we had a bonus depreciation rule which allowed farmers to deduct 50 percent of the cost of a piece of equipment in the year of purchase, but that also expired in 2013.”
The cost for the one-day school is $125 and organizers have applied for continuing education credits for the course, Gearhardt said. More information on the workshop, including how to register, can be found at http://go.osu.edu/taxschools. Participants can contact Gearhardt at 614-292-2433 or firstname.lastname@example.org for more information.
Registration includes the Agricultural Tax Issues Book. The deadline to register is Dec. 1 in order to ensure participants can get the manual via mail in time for the workshop, Gearhardt said.
The live webinar, which will also feature a real-time Q&A, can be viewed at several host locations statewide and will include lunch. Participants also have the option to view the webinar from home if they aren’t able to attend a host location, he said. For those who choose not to attend the host location, a web address of the webinar will be sent to those who have registered a week in advance of the Dec. 15 presentation. Registrations made after Dec. 5 may not receive the tax manual in time for the workshop for those who plan to view it in an off-site location.