Join this webinar series to learn how you can plan to save money on your forestry taxes! Many forest landowners pay more taxes on their timber than they should. Accountants can help to calculate taxes, but forest landowners need to understand how timber expenses should be reported, and how they are taxed. Saving money on timber taxes starts by keeping good records and knowing how tax rules will affect your bill.
This series has ended, find all of the recordings from the series as well as the presentation slides below.
Forestry Taxes: Learn, Plan & Save Money
Many forest landowners pay more taxes on their timber than they should. Accountants can help to calculate taxes, but forest landowners need to understand how timber expenses should be reported, and how they are taxed. Saving money on timber taxes starts by keeping good records and knowing how tax rules will affect your bill. The Woodland Stewards Regional Extension Program for Landowners was developed by a collaborative team of forestry Extension professionals from eleven different organizations. This is the fourth year of the series and other webinars from the current and past series can be accessed on the Webinar Portal.
All webinars will be recorded and will be available a few days after the presentation, at the same link.
| Session | Description | Speakers |
|---|---|---|
|
January 18, 2022
|
Join this webinar for an overview of forestry taxes including a summary of the different types of taxes that forest landowners pay, terminology used and more! This presentation will also include the ins and outs of classifying your forest land as a business, investment or personal property including how to qualify for a profit motive classification. Presenters will also share their record-keeping tips. Find the slides for the Seeing The Forest:Overview of Forestry Taxes Webinar |
|
|
January 25, 2022
|
What are the basics of timber basis? Join this webinar to learn more about one of the most important financial aspects of timber management that often goes unnoticed or underappreciated. Timber basis is how much you have invested in the timber and it is used to determine net taxable income. It can be applied to reduce taxable income, minimize inheritance taxes, and reduce financial losses after a storm and more. Find the Slides for the webinar Basics of Timber Basis: Re(setting the Table) |
|
|
February 2, 2022
|
Managing your timber costs money, and like any other business, many of your expenses can be deducted from your tax bill. In this presentation, you will learn how to assess your forest management costs and correctly claim your deductions. In addition, presenters will discuss other related topics from how to fill out a “Form T,” to the ins and outs of reforestation costs, and conservation easements. Find the Slides for the Timber Management & Expenses Webinar |
|
|
February 8th, 2022
|
Learn about one of the top ways forest landowners save taxes—receiving capital gain treatment on timber sales. A landowner may only sell their timber a few times in their life, but understanding how to maximize profit and minimize taxes when harvesting takes some thought. Join this presentation for a detailed discussion of how to qualify for capital gain treatment under IRC 631(a) & (b), recordkeeping tips, and proper tax reporting. Tax treatments of cost-sharing payments will also be covered briefly. Find the slides from the Keeping More of your Timber Income Webinar |
|
|
February 15th, 1 PM Eastern
|
Growing trees can be subject to forces beyond the owners’ control from weather catastrophes to timber theft and more. While forest landowners can’t plan for these unexpected events, they can learn more about the tax implications for casualty loss, non-casualty losses, timber theft, trespassing and more. Join this webinar for insights into best ways to cope with timber losses from nature and chance. Find the Slides from the Coping With Losses From Nature and Chance Webinar Here |
|
