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PRINCESS ANNE — Equipping farmers with a better understanding of business and agricultural taxes is the aim of a two-day workshop hosted by UMES Extension’s Small Farm …
PRINCESS ANNE — Equipping farmers with a better understanding of business and agricultural taxes is the aim of a two-day workshop hosted by UMES Extension’s Small Farm Program.
Attendees can learn how farm equipment, depreciation, labor, losses and income should be reflected on basic tax documents.
“We have planned a comprehensive 8-hour workshop designed to educate agricultural producers on the basics of agricultural tax management,” said Berran Rogers Jr, UMES Extension’s Small Farm Program coordinator. “The goal is to impart general information, not individual tax preparation. Participants remain responsible for obtaining tax advice from their own independent advisors on their particular circumstances.”
The workshop takes place from 1-5 p.m. on Thursday, Feb. 16 and from 10 a.m. to 2 p.m. on Friday, Feb. 17. Some of the topics covered include: business structure and tax considerations, tax liability issues and helpful resources, understanding basic tax documents, how depreciation should be reflected on tax returns, along with business planning and financial statements.
Register at www.umes.edu/extension under events. The $20 fee covers both days of the workshop along with educational materials and lunch on the second day. The Tennie Group LLC, Farm Credit and UMES Extension’s Agriculture Law Education Initiative and Small Farm Program are sponsors for the in-person event taking place at the University of Maryland Eastern Shore’s Research, Extension and Teaching Farm on Stewart Neck Road. For more information, call 410-621-5450.