Purdue News
Purdue News
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December 1, 2000 Tax workshop helps farmers close the book on 2000WEST LAFAYETTE, Ind. – Before they flip the calendar to 2001, farmers may want to take one last look at their 2000 taxable income. Producers have until year's end to make any changes that would affect what they owe Uncle Sam. A Purdue University workshop can help them make wise tax-planning decisions. "Income Tax Management for Farmers in 2000" is scheduled for 7 to 9 p.m. on Dec. 12. The workshop will be broadcast live by closed-circuit TV at locations throughout Indiana. The workshop is free and requires no advance registration. Workshop speakers include George Patrick, a Purdue Extension economist, and David Frette, a certified public accountant from Washington, Ind. The two tax experts will discuss such topics as Commodity Credit Corp. loans, loan deficiency payments and 2001 production flexibility contracts, Patrick said. "We expect to talk about government payments and options on when they can be reported as income," Patrick said. "We'll also talk about income averaging, expensing and depreciation, and new wrinkles on how to handle depreciation. "This program will show producers the tax changes and what it all means to them, rather than where it goes on the tax form." Frette will also touch on estate tax planning. Depending on the outcome of the presidential race and the mood of the next Congress, the estate tax could again become a major political issue, he said. "The one thing I'd say to farmers is this: Keep it flexible, the ground rules are going to change," Frette said. Twenty county Extension offices are scheduled to host the workshop broadcast. The counties include: Allen, Bartholomew, Clark, Clinton, Delaware, Fayette, Franklin, Howard, Jay, Jefferson, LaGrange, Marshall, Orange, Scott, Steuben, Tipton, Warren, Wayne, Wells and Whitley. Check with your county Extension office for exact locations. Those interested may choose to sit in on the workshop from where the broadcast originates, in Stewart Center on Purdue's West Lafayette campus. The broadcast is being carried over the Indiana Higher Education Telecommunications System. Viewers will be able to call a special phone number and ask questions of Patrick or Frette. All attending will receive tax planning materials. Sources: George Patrick, (765) 494-4241; patrick@agecon.purdue.edu David Frette, (812) 254-3442 Writer: Steve Leer, (765) 494-8415; sleer@aes.purdue.edu Purdue News Service: (765) 494-2096; purduenews@purdue.edu
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