Farmers preparing for income tax season will have an additional resource to help them sort through tax codes and changes when Purdue Extension offers a free webinar Dec. 6.
Income Tax Management for Farmers in 2011 will run 9-11 a.m. and is open to interested farmers. Participants will have the opportunity to interact with presenters and ask questions.
"Farmers need to determine year-to-date receipts and expenses for 2011 while there is still time to make adjustments for the calendar year," said George Patrick, Purdue Extension agricultural economist. "The webinar also will address after-the-end-of-the-year tax alternatives."
Those who derive at least two-thirds of their gross income from farming can file their income taxes by March 1 without having to worry about making estimated tax payments, Patrick said.
He and David Frette, a certified public accountant who works largely with farmers, will lead the webinar.
Some topics include deferred income from sales, prepaid expenses, farm income averaging, crop insurance, casualty losses, self-employment tax updates and tax management.
To participate, log on to https://gomeet.itap.purdue.edu/tax/ . High-speed Internet connection is required.