Farmers, get some tips on handling income tax before the year’s end

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RAVENNA, Ohio — As harvest winds down and grain prices remain strong, by the end of this year farmers around Ohio may be managing a larger-than-normal taxable income.

In fact, with most of the Ohio crop harvested at this point, income tax management decisions over the next few weeks may have more impact on farm families disposable income in 2011 than the other decisions remaining to be made this calendar year.

Gary Hoff, University of Illinois Extension tax specialist, will lead an interactive presentation via webinar Dec. 2, on managing income taxes in the current agriculture climate.

Host sites for this two-hour presentation which begins at 9:30 a.m. include Ohio State University Extension offices in Clinton, Fairfield, Fulton, Morrow, Muskingum, Portage, Putnam and Shelby counties, plus Fisher Auditorium in Wayne County.

Tax issues

Hoff is the Extension specialist for taxation at the University of Illinois Tax School, and is the editor of the annual Federal Tax Workbook used each fall at the University of Illinois Tax School.

A small sampling of the tax issues addressed during the session includes estate taxes, the impact of health care legislation, retirement benefits, preparing for an IRS audit, 1031 exchanges, concerns surrounding delaying farm income and prepaying expenses.

Opportunities to ask questions throughout the presentation will be available.

Registration

In facilitate handout materials, attendees are asked to contact the OSU County Extension office host site: Clinton County, 937-382-0901; Fairfield County, 740-653-5419; Fulton County, 419-337-9279; Morrow County, 419-947-1070; Muskingum County, 740-454-0144; Portage County, 330-296-6432; Putnam County, 419-523-6294; Shelby County, 937-498-7239; Wayne County, 330-264-8722.

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