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Timber Management Expenses and Deductions
February 1 @ 1:00 pm - 2:00 pmFree
This webinar is the third of five in the “Forestry Taxes: Learn, Plan & Save Money Webinar Series.” 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.
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.