Published: December 06, 2008 10:29 pm         

Learn about tax law changes in agriculture at Newport program

Indiana farmers and others with an interest in agriculture will have an opportunity to learn about recent tax law changes and tax planning options from 7:30 to 9:30 p.m. on Thursday. Purdue University Extension will present a discussion of year-end tax planning and management implications of recent tax law changes. The program, carried over IP Video, will be available at the Vermillion County Extension Office in the Courthouse at Newport.

There is no charge for the program, and handout materials will be available. Participants will have the opportunity to ask questions by computer, telephone, or e-mail.

To register, contact Agriculture and Natural Resources Educator Amanda Bailey at 1-800-340-8155 Ext. 147 or (765) 492-3394.

George Patrick, Purdue University Extension economist, and David Frette, CPA, will review recent tax changes which affect most individuals. They will also review basic depreciation options, explain the 50-percent additional first-year depreciation and expanded Section 179 expensing. Examples will illustrate the depreciation management alternatives available for producers for 2008. Procedures to allow the deferral of income from commodity sales in 2008 to the 2009 tax year will be explained. Procedures to be followed to be able to prepay 2009 input purchases and to be able to deduct these expenses in 2008 will be reviewed. Farm income averaging and how it can be used will be discussed.