Farmers and ranchers wanting up-to-date tax information will want to put the Rural Tax Education website in their list of browser favorites.
This website provides farmers and ranchers with a source for agricultural related income and self-employment tax information that is both current and easy to understand, according to the website home page.
In a news conference on Oct. 28, Risk Management Agency (RMA) administrator Bill Murphy mentioned this site when he was listing programs his agency is involved with in helping to minimize risk for farmers and ranchers. Current tax information is going to be critical to many farmers and ranchers this year in light of the many weather-related disasters that have occurred across the nation, he noted.
"Rural tax dot org (ruraltax.org) is a website put together by about 15 land grand universities from across the country and they have pulled together important tax items that farmers have to keep in mind when they do their business planning," Murphy said. "It is critical this year with all of the problems we have had this year- with all the flooding along the Missouri and Mississippi (Rivers) where growers had quite a few problems, and what are the tax implications of those problems."
"We are very happy that we are helping fund this website this year."
The website, which is hosted by Utah State University offers a hot topic on the home page. At the present time the hot topic discusses the Internal Revenue Code provisions that allow persons affected by such sudden events as floods to apply beneficial tax rules to their circumstances if they meet the qualifications of those rules.
There are also links in the current hot topics area that take a reader to involuntary conversion and a related article on weather related sales of livestock, which explains how to apply the rules to businesses as well as personal casualties.
The menu on the left side of the home page will take you to areas such as "tax topics", "sample tax returns", "small farm tax guide", and "related links", to name a few.
At various times, webinars on tax issues will also be provided on the site.
Contributors to this website are members of a group involved in Extension work at their individual stateos land grant universities and/or are in private practice as CPAs or tax preparers. Many are members of the National Farm Income Tax Extension Committee that works with the IRS each year to make the Farmeros Tax Guide, Publication 225, more readable and understandable. Project leader for the group is Ruby Ward, Extension economist at Utah State University.
Other universities taking part in the project include Virginia Polytechnic Institute and State University; University of Wisconsin-Madison; Oklahoma State; North Carolina State; University of Illinois; University of Vermont; University of Georgia; Ohio State; Iowa State; Purdue; University of Kentucky; University of Arizona and Colorado State.
The address for the Rural Tax Education website is: www.ruraltax.org.