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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 [email protected]

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Page 1: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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 [email protected]

Page 2: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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.

Page 3: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 4: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Taxes

Page 5: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Rural Tax Education http://ruraltax.org/

Page 6: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 7: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 8: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Hand Written Records

Page 9: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle
Page 10: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle
Page 11: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Spreadsheets and Other Decision Analysis Programs

Page 12: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 13: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Detailed Breakdown of Cost

-- critical control point analysis

-- identify economic problem areas!!

Page 14: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Decision Analysis

Page 15: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Quicken® for Farm Financial Records

agecon.okstate.edu/quicken

Damona Doye [email protected]

Sarkeys Distinguished Professor

Extension Economist and Regents Professor OSU Agricultural Economics Department

Page 16: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Quicken Reports & Graphs

Page 17: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

• 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

Page 18: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 19: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 20: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 21: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 22: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Programs and Training Materials www.Agtools.org

Page 23: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle
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RightRisk http://www.rightrisk.org/

Page 25: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

RightRisk Getting on Track: Ag Records

Page 26: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

RightRisk Getting on Track: Ag Records

Page 27: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

RightRisk Getting on Track: Financial Performance

Page 28: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 29: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

Ag Lease 101 http://aglease101.org/

Page 30: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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

Page 31: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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/

Page 32: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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.

Page 33: Tools for Agricultural Producers: Keepseagle Follow -up Tax …westrme.wsu.edu/.../Keepseagle-Business-Tools-Final-2013.pdf · 2018. 6. 26. · Tools for Agricultural Producers: Keepseagle

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