Forestry Taxes: Learn, Plan & Save Money | Webinar Series

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Many forest landowners pay more taxes on their timber than they should. Accountants can help to calculate taxes, but forest landowners need to understand how timber expenses should be reported, and how they are taxed. When planning your forest management activities, knowing the timber tax rules will help you keep your records in line, and save you money.

Detailed descriptions of each webinar:

Seeing the Forest for the Trees: An Overview of Forestry Taxes

Join this webinar for an overview of forestry taxes including a summary of the different types of taxes that forest landowners pay, terminology used and more! This presentation will also include the ins and outs of classifying your forest land as a business, investment or personal property including how to qualify for a profit motive classification. Presenters will also share their record-keeping tips.

January 18, 2022, Presented by: Andrew Bosserman, Dr. Shaun Tanger, Dr. Gregory Frey

Basics of Timber Basis: Re(setting) the Table:

What are the basics of timber basis? Join this webinar to learn more about one of the most important financial aspects of timber management that often goes unnoticed or underappreciated. Timber basis is how much you have invested in the timber, and it is used to determine net taxable income. It can be applied to reduce taxable income, reduce financial losses after a storm and more.

January 25, 2022, Presented by: Dr. Shaun Tanger, Dr. Tammy Cushing

Timber Management Expenses and Deductions 

Managing your timber costs money, and like any other business, many of your expenses can be deducted from your tax bill. In this presentation, you will learn how to assess your forest management costs and correctly claim your deductions. In addition, presenters will discuss other related topics from how to fill out a “Form T,” to the ins and outs of reforestation costs, and conservation easements.

February 1, 2022, Presented by: Dr. Shaun Tanger, Dr. Tammy Cushing

Keeping More of Your Timber Income Following a Timber Sale

Learn about one of the top ways forest landowners save taxes—receiving capital gain treatment on timber sales. A landowner may only sell their timber a few times in their life but understanding how to maximize profit and minimize taxes when harvesting takes some thought. Join this presentation for a detailed discussion of how to qualify for capital gain treatment under IRC 631(a) & (b), recordkeeping tips, and proper tax reporting. Tax treatments of cost-sharing payments will also be covered briefly.

February 8, 2022 Presented by: Andrew Bosserman, Dr. Yanshu Li

Coping with losses from Nature and Chance 

Growing trees can be subject to forces beyond the owners’ control from weather catastrophes to timber theft and more. While forest landowners can’t plan for these unexpected events, they can learn more about the tax implications for casualty loss, non-casualty losses, timber theft, trespassing and more. Join this webinar for insights into best ways to cope with timber losses from nature and chance.

February 15, 2022 Presented by: Dr. Tammy Cushing, Dr. Yanshu Li


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