This project helped small farm producers manage financial risks through the understanding of agricultural taxes.
We conducted four regional in-person comprehensive training workshops - two in the North and two in the South of West Virginia, covering agricultural exemptions, expense tracking, completing a Schedule F, the IRS Farmers Tax Guide, and other tax topics selected by financial experts in agricultural tax law. We distributed a multi-page record journal for tracking expenses to 1,500 producers. We delivered educational content via four regional in-person classes, two webinar sessions, four YouTube videos, and one in-person class at the annual West Virginia Small Farm Conference in February 2020 to further reach small farmers.
As a result, small farmers and participating accountants reported:
80% had a better understanding of agricultural taxes
80% had a better understanding of how taxes relate to estate
planning
100% had a better understanding of how taxes relate to end-of-life
care
60% had a better understanding of how taxes relate to farm
transfers
80% decided to use skills to manage tax liability
60% implemented skills to claim prepaid expenses on taxes
60% implemented at least 5 tax tips to reduce financial risk
60% implemented hiring an accountant
80% implemented expense tracking