Iowa Ag Connection - IFBF to Answer Income Tax Questions for Farmers

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IFBF to Answer Income Tax Questions for Farmers
Iowa Ag Connection - 11/10/2009

With 2010 right around the corner, farmers will soon be getting their taxes in order. Iowa Farm Bureau is able to help, with its interactive 2009 Farm Income Tax Seminar, which will be broadcast on the Iowa Telecommunications Network (ICN) Nov. 24 from 7 to 9 p.m.

Roger McEowen, the Leonard Dolezal professor of agricultural law at Iowa State University (ISU), will provide an update on income tax law changes and present information on estate and business planning. Charles Brown, president of Ottumwa-based AgriFinancial Services, LLC., will offer farm income tax strategies and information on how the strategies might affect individual farm operations.

Each year changes that impact farmers are made to state and federal income tax laws. For 2009, farmers need to be aware of changes to depreciation methods, potential adjustments to the federal estate tax, stricter standards for reporting labor and hedging transactions and several other modifications.

"The information provided by the Farm Income Tax Seminar is critical to farmers and their operations, and this year's seminar promises to be full of information that can be directly used in farm income tax planning," said Ed Kordick, Farm Bureau commodity services manager.

Two-way communication is available at each of the Farm Income Tax Seminar broadcast sites, and questions are encouraged. Admission is free, and no pre-registration is required. The following sites will broadcast the seminar:

Ames: ISU's Lagomarcino Hall at the corner of Knoll Road and Pamel Drive, Room N147

Calmar: Northeast Iowa Community College, Dairy Education Center, 1527 Highway 150 South, Room 114

Carroll: Des Moines Area Community College, Carroll Campus, 906 N. Grant Road, Room 144

Cedar Rapids: Prairie High School, 401 76th Ave. SW, Room F203

Osceola: Clarke Community High School, 800 N. Jackson, Room 212

Red Oak: Red Oak High School, 2011 N. 8th St., Room 304

Rockford: Rockford Middle-Senior High School, 1460 210th St., Room 110

Sheldon: Northwest Iowa Community College, 603 W. Park St., Building D, Room 402

For those unable to attend the live event, the tax seminar will be recorded and available Nov. 25 via the Iowa Farm Bureau website (www.iowafarmbureau.com). For more information about the 2009 Farm Tax Seminar, visit www.iowafarmbureau.com or contact Ed Kordick by phone, (515)225-5433, or email, ekordick@ifbf.org.