ACES to host trio of tax programs
Published 12:33 pm Tuesday, November 30, 2021
The Alabama Cooperative Extension Service has made plans to offer a variety of presentations to benefit area farmers and residents in general.
The first session planned will be of special benefit to farmers with a year-end tax planning presentation.
Set for Dec. 2, a live one-line, two-hour program will be presented beginning at 7 p.m. The purpose of the program will be to discuss methods to defer taxes including constructive receipt, income averaging, installment sales, pre-paying expenses, and retirement plan contributions. We will also discuss accelerating depreciation, self-employment tax planning, hiring your children, weather-related livestock sales, sale of farm assets, treatment of crop insurance and disaster payments and net operating losses.
Robert A Tufts will be the speaker for the program brining his 24 years of experience as an attorney to the table. He He also has a PhD in Forestry and a Master of Laws in tax. He taught at Auburn University for 36 years and is currently Visiting Professor in Extension on the Farm and Agribusiness Management Team.
There is $10 fee for this class and registration required. To register, visit: https://secure.touchnet.net/C20021_ustores/web/product_detail.jsp?PRODUCTID=4802&SINGLESTORE=true.
Tufts will also present a program focused on basic estate planning will be held on Dec. 9 beginning at 7 p.m.
The program will describe the problems you create when you do not have a Will, how your assets are distributed if you do not have an Will, and the three documents that should be in your estate plan— an Advance Directive for Health Care, a Power of Attorney and a Will.
Planning for your eventual death and possible incapacity is more important than ever during this pandemic. It is always more expensive to die without a Will than the cost to prepare one, and the administrative headache to die without a Will is a burden you don’t want to leave to your grieving family
There is no fee for this class but registration required. To register please click the following link: https://www.aces.edu/event/basic-estate-planning-2/.
On Dec. 16, a program on using trusts in estate planning will presented on-line beginning at 7 p.m.
The program will describe the the tax and non-tax uses of trusts and the different types of trusts. Trust provisions typically used by individuals will also be explained.
The purpose of a trust is to hold property after your death and distribute that property some time later based on the passage of time or the occurrence of a condition. For example, the trust could hold property until your youngest child reached the age of 21 years, or the trust could hold assets until your child graduated from college, got married, etc.
There is $10 fee for this class and registration required. To register please click the following link:
For additional details on any of the described programs or other offerings of the Escambia County office of the Alabama Cooperative Extension Service, contact their office at 867-7760.