Tag Archives: Taxes

The Management Calendar

Gordon Groover (groover@vt.edu), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Farm business managers should consider putting the following activities on their management calendar this winter. Continue reading

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Growing Farm Profits Online Courses, offered by the Southern Sustainable Agriculture Working Group

Over the past five years, Southern SAWG and our partners have helped hundreds of diversified vegetable producers improve their profitability with our Growing Farm Profits program. Now the Southern SAWG training team has drilled down a little deeper into some of the recurring issues farmers face as they wrestle with profitability on their farms. This fall we will be addressing three of these issues in a series of one-hour webinars specifically designed for agricultural professionals who help diversified vegetable producers in the South. All webinars will begin at 3:30 p.m. (Eastern) and are free of charge. Here’s the rundown (see http://www.ssawg.org/growing-farm-profits for details):

  • Record Keeping for Profit Management for Vegetable Growers, October 22, 2015, 3:30 pm (ET)
  • Cost-Benefit Analysis for Vegetable Equipment Purchasing Decisions, November 19, 2015, 3:30 pm (ET)
  • Schedule F vs Profitability Accounting for Vegetable Farming, December 17, 2015, 3:30 pm (ET)
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Virginia Tech Income Tax School

By L. Leon Geyer (geyer@vt.edu), Professor, Agricultural Law, Department of Agricultural and Applied Economics, Virginia Tech

 This year we offer three seminars: 1) Introductory Tax Preparation 2) General Income Tax and 3) CPA Ethics.

1. Introductory Tax Preparation Seminar

Two 1-day seminars offered as live instruction. These seminars are designed for those who wish to prepare tax returns and will focus on IRS form 1040. It is designed for those who are new to taxes, or those who simply seek a refresher course. Those interested can attend in Roanoke on Jan. 4th or Richmond on Jan. 5th. Please refer to www.tax.vt.edu for more information. Continue reading

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The Management Calendar

Gordon Groover, Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Listed below are a few items that might be of interest to farm business managers: Continue reading

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Economic Impact Analysis of the Christiansburg Aquatic Center

Dr. Jim Pease (Professor, Agricultural and Applied Economics), Dr. Scott Greiner (Professor, Animal and Poultry Sciences),  Nick Peavy (Senior, Department of Agricultural and Applied Economics), Kyle Ewing , Taylor Delnicki (Senior, Department of Animal and Poultry Sciences), and Ashley Pickett (Senior, Department of Agricultural and Applied Economics)

Introduction

Owned and managed by the Town of Christiansburg, the Christiansburg Aquatic Center (CAC) is a public-private partnership between the Town and the Virginia Tech Swimming and Diving program. Its mission is simply, “…to operate a public aquatic facility to increase health, water safety, and the aquatic education of Christiansburg citizens and aquatic organizations.” (Christiansburg Aquatic Center). But what an understatement! The 64,000 square foot facility contains 3 pools, multi-purpose rooms, locker and changing Continue reading

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The Management Calendar

Gordon Groover (groover@vt.edu), Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

Listed below are the items to consider adding to your farm business manager’s reading list and calendar for the next two months.

  • Income taxes and related items:
  • Farmers that do not pay estimated taxes, your 2014 return and taxes are due March 2, 2015. For Farmers that pay estimated taxes (using Form 1040-ES). You have until April 15 to file your 2014 income tax return (Form 1040).
  • Virginia income tax returns must be postmarked by May 1, 2014.

Continue reading

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Virginia Tech Income Tax School

L. Leon Geyer (geyer@vt.edu), Professor, Agricultural Law, Department of Agricultural and Applied Economics, Virginia Tech

This year we offer three different seminars: 1) Introductory Tax Preparation Seminar 2) General Income Tax Seminar and 3) The new annual filing season program for tax return preparers

1. Introductory Tax Preparation Seminar

Two 1-day seminars offered as live instruction while space is available. These seminars are designed for those who wish to prepare tax returns and will focus on form IRS form 1040. It is designed for those who are new to taxes, or those who simply seek a refresher course. Continue reading

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Tax and Financial Management in Profitable Years

Peter Callan, Extension Agent, Farm Business Management, Northern District

 In the first six months of 2014, the prices for feeder and fat cattle and milk have reached record levels. These high prices in conjunction with declining grain prices will likely result in many producers generating significant tax liabilities for 2014. The management and reinvestment of profits generated during times of high prices can impact the long term viability of the business.   Based analysis of the farm’s financial situation, consider paying down short and long term debt as a possible place to spend profits. After addressing the farm’s debt load, plan on accumulating cash reserve equivalent to a minimum of three months’ operating expenses. The next question is where should the profits be spent (e.g., Machinery, retirement accounts, etc.). Continue reading

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The Management Calendar February-March

Gordon Groover, Extension Economist, Farm Management, Department of Agricultural and Applied Economics, Virginia Tech

 Listed below are the items to consider adding to your farm business manager’s reading list and calendar for the next two months.

• Income taxes and related items:

  1. Farmer that do not pay estimated taxes, your 2013 return and taxes are due March 3, 2014. For Farmers that pay estimated taxes (using Form 1040-ES). You have until April 15 to file your 2013 income tax return (Form 1040).
  2. Virginia income tax returns must be postmarked by May 1, 2014.
  3. Need to find out more information about federal taxes relating to your farm business? The Farmers Tax Guide IRS Publication 225 is online and can be found at: http://www.irs.gov/file_source/pub/irs-pdf/p225.pdf Continue reading
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The Management Calendar

By Gordon Groover Extension Economist, Department of Agricultural & Applied Economics, Virginia Tech

Farm business managers should consider putting the following activities on their management calendar for December and January.

  • Before the end of the year (calendar tax year filers), follow up on end-of-year tax management strategies recommended by your tax advisor.  Additional information can be found in IRS publication 225 Farmer’s Tax Guide at www.irs.gov/pub/irs-pdf/p225.pdf.  Hard copies of Farmer’s Tax Guide can be obtained from many of your public libraries.  Continue reading
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