Description

Owning a farm means your business and personal lives are intertwined.  As such, it is important to understand how taxation works and where there are opportunities to effectively structure your farm operations to allow for both risk management and minimization of taxes.

This session will:
 - Provide participants with an overview of taxation as it relates to farm operations (both personal and corporate),
 - Outline basic reporting requirements (the basis for taxation and initial tax planning issues),
 - Address year-end determination including dividends versus bonus which form the basis for shareholder/owner remuneration, and
 - Outline expense deductibility and basic tax planning strategies as it relates to farm operations.