tools for agricultural producers: keepseagle follow -up tax...

Tools for Agricultural Producers: Keepseagle Follow-up Tax Clinics/Workshops

Trent Teegerstrom, University of Arizona Director of Arizona Tribal Extension Programs & Associate Extension Specialist Department of Ag and Resource Economics P.O. Box 210023 Tucson, AZ 85721 tteegers@ag.arizona.edu

Tools for Agricultural Producers: Keepseagle Follow-up Tax Clinics/Workshops

Tax laws and regulations change frequently, and their

application can vary widely based on the specific facts and circumstances involved. The tax information contained in these educational materials and discussed during the accompanying oral presentation is for informational and educational purposes only and does not constitute legal or tax advice. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Why Keep Records? • Personal & Operation Mgmt. & Planning: records

will help you make informed management decisions and plan for the future

• Government Programs: records are required for participation

• Loans/credit: financial records are required to obtain loans or other forms of credit

• Leasing agreements: production and financial records required in order to lease or buy additional land

• Taxes: records provide the documentation needed to deduct the production costs

• Keepseagle: Difference between Track A and Track B the amount of records available for verification

Taxes

Rural Tax Education http://ruraltax.org/

Tax Fact Sheet Topics http://ruraltax.org/

Tax Fact Sheet Topics http://ruraltax.org/

Hand Written Records

Spreadsheets and Other Decision Analysis Programs

Ranch Planning/Decision Analysis evaluation of supplementation. early weaning versus drylot

Diagnostic Tree Analysis total ranch and per exposed cow

Herd Productivity by Age Cohort category available to lump cows together if ages are unknown

Farm/Ranch Analysis Worksheet

Detailed Breakdown of Cost

-- critical control point analysis

-- identify economic problem areas!!

Decision Analysis

Quicken® for Farm Financial Records

agecon.okstate.edu/quicken

Damona Doye damona.doye@okstate.edu

Sarkeys Distinguished Professor

Extension Economist and Regents Professor OSU Agricultural Economics Department

• Cash flow • Tax schedule • Transactions • Account balances • Comparison • Filtered • Memorized • Balance sheet

Quicken Reports & Graphs

• Print materials plus video on-line at www.agecon.okstate.edu/quicken

• $25 for printed notebook and CD with sample files • Quarterly Quick Tips farm management newsletter

OSU Quicken Resources

Websites with Fact Sheets, Tools, PowerPoints and other Farm and Ranch Management Information

Intertribal Agricultural Council http://ww.indianaglink.com/

Inheriting Indian Land Fact Sheets http://www.montana.edu/indianland/factsheets.html

Ag In Uncertain Times Website http://www.farmmanagement.org/aginuncertaintimes/

Programs and Training Materials www.Agtools.org

RightRisk http://www.rightrisk.org/

RightRisk Getting on Track: Ag Records

RightRisk Getting on Track: Ag Records

RightRisk Getting on Track: Financial Performance

Ag Risk & Farm Management Library http://www.agrisk.umn.edu/

Ag Lease 101 http://aglease101.org/

Farmdoc http://www.farmdoc.illinois.edu/index.html

OSU Quicken Resources: www.agecon.okstate.edu/quicken

Farmdoc:http://www.farmdoc.illinois.edu/index.html

Ag Lease 101: http://aglease101.org/

Ag Risk & Farm Management Library: http://www.agrisk.umn.edu/

RightRisk: http://www.rightrisk.org/

Programs and Training Materials: www.Agtools.org

Ag In Uncertain Times Website: http://www.farmmanagement.org/aginuncertaintimes/

Inheriting Indian Land Fact Sheets: http://www.montana.edu/indianland/factsheets.html

Intertribal Agricultural Council: http://ww.indianaglink.com/

Rural Tax Education: http://ruraltax.org/

Tools for Agricultural Producers: Keepseagle Follow-up Tax Clinics/Workshops

Tax laws and regulations change frequently, and their

application can vary widely based on the specific facts and circumstances involved. The tax information contained in these educational materials and discussed during the accompanying oral presentation is for informational and educational purposes only and does not constitute legal or tax advice. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Keepseagle Tax Clinics & Workshop information

• Organizations involved in this webinar and clinic series and website addresses: • Intertribal Agriculture Council: www.indianaglink.com • Rural Tax Education: www.ruraltax.org • Extension Risk Management Education Centers

• Southern: www.srmec.uark.edu • Western: www.westrme.wsu.edu • North Central: www.ncrme.org

• University of Arkansas School of Law (www.law.uark.edu) • Supported also by the Northwest Farm Credit Services & the

Keepseagle Class Council Check the Keepseagle website frequently for updates: www.indianfarmclass.com