By Blake Jackson
Many farmers overlook tax implications until the bill arrives the following year - when it’s too late to make adjustments. “Farm operators need to be thinking ahead of the new year,” says Rachel Hopkins, University of Missouri Extension agricultural business specialist.
Hopkins explains that depending on income levels, livestock sales, and other financial activities, producers could face significant tax liabilities for 2025. To help address these concerns, MU Extension will host free farm tax workshops on December 3 and 4, offering practical strategies to help producers manage tax responsibilities and reduce potential burdens.
The December 3 sessions will be held from 2-4 p.m. in Ste. Genevieve and Clinton, while the December 4 workshops are scheduled for 6:30-8:30 p.m. in Mexico and Vienna. Participants can choose to attend either in person or virtually.
Workshop topics will include farm lease tax considerations, installment sale methods, deductions for residual soil fertility, agricultural building and structure depreciation, sale of inherited farm assets, and valuation of unharvested crops. Presenters will also address key provisions of the One Big Beautiful Bill Act.
Attendance is free, but registration is required. For details, contact Mary Sobba at 573-581-3231 or sobbam@missouri.edu.
Photo Credit: pexels-nataliya-vaitkevich
Categories: Missouri, Business, Education