Farm Tax Webinar – Sept. 19th Depreciation: Recovering the Cost of Capital Assets on the Farm
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Collapse ▲The North Carolina Cooperative Extension – Chatham County Center is conducting a Farm Tax Webinar on September 19 about depreciation and recovering the cost of capital assets. It has become evident from our past farm tax webinars that based on the number of questions we have received from farmers over the years, the topic of depreciation deserves its own webinar!
Target audience: farmers (vegetables & fruits, cut flowers, livestock, hemp, row crops, etc.), nursery growers, beekeepers.
Depreciation: Recovering the Cost of Capital Assets on the Farm
Date: September 19, 2024
Time: 6:00-8:00 p.m. EST
Presenter: Guido van der Hoeven
Farm businesses use assets such as equipment, machinery, buildings, and various classes of livestock to produce the wonderful products grown or raised. These business assets can be capital intensive regardless of business scale; thus owners and operators want to recover the cost of these assets in a manner which moves the business closer to its goals. This webinar will discuss the tax rules under which these assets are deducted from business income through depreciation. Businesses should consider the long-term as well as the short-term impacts of making a depreciation decision, as the rules provide a measure of flexibility in making such decisions
Topics:
- Modified Accelerated Cost Recovery System (MACRS) and recognizing recovery periods to use for farm assets
- Differences between General Depreciation System (GDS) and the Alternative Depreciation System (ADS) and when to use either
- Tax planning in the context of Depreciation
- Bonus Depreciation
- The Expensing Election under IRC section 179
- Questions and Answers
By attending the webinar, attendees should gain perspective to meet near- and long-term financial goals as their farm businesses are managed with profitability in mind.
Note: Registrants will be given the opportunity to submit questions about depreciation in advance.
The cost for the webinar is $15. Registrants will receive the Zoom link two days prior to the webinar. and will receive a recording of the webinar and a list of resources afterwards.