Winter 2021-2022 Farmer Tax School
Cornell Cooperative Extension offered a series of educational courses on tax topics taught by Cornell Cooperative Extension Farm Business Management Specialists. The program was intended to inform and empower farm managers to better understand their tax obligations, provide tax management strategies, and help improve farm profitability. Materials from the programs are available below.
Course 1: Income Tax Planning for Farms that File a Schedule F (3 sessions)
Dayton Maxwell, Nicole Tommell, Katelyn Walley-Stoll, Paul VanDenburgh
Session 1, October 13th, 2021: What is Tax Planning?
Session 2, October 20th, 2021: Understanding the Schedule F
Session 3, October 27th, 2021: Strategies for Tax Planning (from a tax advisor)
Course 2: Farm Financial Records for Decision Making and Tax Management
Dayton Maxwell, Joan Petzen, Steve Hadcock
Thursday, December 2nd, 2021: This program will help you:
- Understand the purposes for accurate, timely financial records.
- Have information needed to choose and maintain a basic record keeping system for a farm business.
- Be able to differentiate between annual operating and capital expenses.
- Learn why depreciation is used.
- Be able to differentiate between income and sales of assets.
- Be better enabled to avoid co-mingling business and personal financial transactions
Resources for independent study
- Memo to Participants with Activity sent 11-29-2021
- Mini Cornell Farm Account Ledger for Course Activity
- Answer Key for Bookkeeping Activity
- Financial Recordkeeping Resource
Course 3: Tax Management for Small and Beginning Farm Businesses
Dayton Maxwell, Joan Petzen, Steve Hadcock
January 18th, 2022: Intro to filing farm taxes program focused on part-time farms, small farms and beginning farms
Course 4: Farm Specific Tax Code Benefits
Bonnie Collins, Liz Higgins
January 25th, 2022: Benefits to farms through the tax code, how the tax code and tax programs are intended to provide an economic benefit to farms.
Federal Tax Resources
- IRS Farmer’s Tax Guide (Pub 225)
- Farmer’s Tax Guide
- IRS 1040 Schedule F
- 2021 Federal income Tax Brackets
- Hobby vs. Business Checklist from IRS
- Publication 535 – Business Expenses
- How Long Should I Keep My Records?
New York State Tax Resources
- Agricultural Assessment Overview
- Farm Building Exemption
- Business Information for Sales Tax Purposes
- Sales Tax Rate by Jurisdiction
- Sales Tax Exemption Form
- NYS Farmer’s School Tax Credit
- Sales Tax Exemptions for Farmers and Commercial Horse Boarding Operations
- NYS Tax Guide for New Businesses
- Guide to Doing Business in NYS – Structures and Strategies
- ST 125 Form for NYS Sales Tax Exemption
For More Information
For more information, or for assistance in finding the course that is right for you, contact your regional Farm Business Management Specialist or any of the following planning team members:
- Steve Hadcock, Capital Area Agriculture and Horticulture, 518-380-1497, seh11@cornell.edu
- Elizabeth Higgins, Eastern New York Commercial Horticulture, 518-949-3722, emh56@cornell.edu
- Mary Kate MacKenzie, South Central New York Dairy and Field Crops, 509-294-6073, mkw87@cornell.edu
- Nicole Tommell, Central New York Dairy, Livestock, and Field Crops, 315-867-6001, nt375@cornell.edu
- Katelyn Walley-Stoll, Southwest New York Dairy, Livestock, and Field Crops, 716-640-0522, kaw249@cornell.edu
Cornell Cooperative Extension is an employer and educator recognized for valuing AA/EEO, Protected Veterans, and Individuals with Disabilities and provides equal program and employment opportunities. For accommodations and accessibility concerns, please Katelyn Walley-Stoll by calling 716-640-0522. This information is for educational and reference purposes only and is not a substitute for sound legal counsel and tax preparation. Cornell Cooperative Extension is dedicated to proving research-based information to our agricultural producers. Every effort has been made to provide correct, complete and up-to-date recommendations. Changes occur constantly and human errors are possible.