Farm Tax Workshop 2023

Venue

American Legion Post 331 William C Anderson Jr. Memorial

484 Saint Robert Outer Road

Saint Robert, Missouri 65584

Event Organizer

University of Missouri Extension in Pulaski County

(573) 774-4766

pulaskico@missouri.edu

Farm Tax Workshop 6:30 – 8:45 PM

American Legion Post 331 in St. Robert, MO 65584

 Free to attend, but registration is required.

 Call the Pulaski County Extension office at 573-774-4766 to register via phone.

For online registration → https://extension.missouri.edu/events/farm-tax-workshop-dec.-12

Tax consequences of the previous year are not often thought about until the bill comes due the next year – when nothing can be done. Farm operations need to be thinking ahead of the new year says Rachel Hopkins, Ag Business Specialist. Depending on payment amounts received, what livestock sales took place, drought declarations and other circumstances, producers could find themselves in situation where they have a substantial tax liability for 2023.

There are options for producers to navigate through tax implications and reduce the taxable burden as much as possible. The topics covered can help producers during the Farm Tax Workshop on December 12 in St. Robert, the different options are discussed so producers can have a better grasp on what each option involves. Topics covered are: Employee vs. Independent Contractor, Sunset of Increased Estate and Gift Tax Exemption, Expiration of Key Income Tax Provisions, Form 1099 Requirements, Livestock Tax Issues – Drought Sales, Tax Issues Arising from the Death of a Farmer, Depreciating and Expensing Farm Assets and Sale and Exchange of Farm Property.

For additional information and questions contact Rachel Hopkins at hopkinsrm@umsystem.edu.