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Keep more $$$ from your Timber Sale
November 1, 2018 @ 5:30 pm - 7:30 pm$15
Don’t pay too much tax on timber you are selling or buying!
For many harvesting timber is an opportunity to have some money that is outside of a person’s normal income. The income tax code is not kind to a person that does not plan for that income. The tax code does allow for timber income to be treated in such a way that will reduce the money you will owe in taxes, but it requires special forms and preparation.
The tax treatment of timber sale income and management expenses is a highly specialized area of the federal tax code. Interpreting the provisions of Sections 631 (a) or 631 (b) requires the services of a professional forester. Many tax preparers do not encounter timber sales on a frequent basis and are not aware of the tax provisions or how to implement them for maximum tax savings.
If you are a logger, landowner, or farmer who has had bought or sold timber sale in the past 3 years, or plan to harvest timber, then this is a must see session: Keep More $$$ From Your Timber Harvest!!! (by Susan Metcalfe, Metcalfe Forestry & Burns Timber Tax Service) will cover a range of topics involving your potential taxes on the money earned by buying and selling timber, how to keep more $$ in your pocket & pay less in tax. This will also cover myths common in the forestry and accounting communities, explain about the capital gains treatment of the purchase and sale of timber, and give valuable tips on how some loggers can drastically reduce their regular income and tax liability and how some landowners can pay no tax on their timber sale revenue.
Pre-register is required by calling the Wexford Conservation District office at 231-775-7681 ext. 3, or emailing: firstname.lastname@example.org by October 29 Seminar fee is $15.