Tax Management Tips to be Offered
The NDSU Extension Service and Internal Revenue Service are offering a series of Income Tax Management for Ag Producer meetings. The meetings will be presented at 11 sites across North Dakota through North Dakota Interactive Video Network (IVN) on Tuesday, December 2nd from 9:00 am to 12:00 pm. In Williston, it will be held in the conference room of the Broadway Commons Building located at 302 East Broadway.
This program, in its 24th year, provides an excellent opportunity for agricultural producers and tax preparers to learn and ask questions about tax management alternatives while there is still time to implement year-end tax management decisions.
There will be updates regarding federal income taxes. The regulations governing repairs and capitalization and reporting with 1099s will be explained. The net investment income surtax and other tax consequences of the Affordable Care Act as premium tax credits, shared responsibility payments and the impact on HRAs and HSAs will be detailed. Examples of scams posing as IRS will be given. Farm transition planning strategies will be explored along with a session on managing income deferral and prepaids.
Program topics include federal income tax update, net investment income surtax and grouping, repair expense rules, repair expense reporting, transition planning, health insurance premium tax credits, shared responsibility payments, impact of Affordable Care Act on HRAs and HSA’, income deferral and prepaids, tax planning ideas for 2014 and beyond.
Pre-registration is required and seating is limited. The cost is $15 per person. Contact your local extension office to register. The Williston Extension Office phone number is 577-4595.