Get Free Tax Help From Extension
Written October 22, 1997
Variable yields and fluctuating prices are enough to make managing income taxes a big challenge for farmers. According to Purdue agricultural economist George Patrick, the latest legislation won't help much either, if at all.
"The Taxpayers' Relief Act of 1997 is likely to bring additional confusion for 1997," says the Extension specialist. "Some provisions of the '97 Act, such as the installment-sales section, are retroactive to prior years, while many other provisions, such as averaging of farm income, do not take effect until 1998 or later years.
"Because many credits and other provisions of the new law also have income limitations, farm families may not know whether they qualify until after the tax year is over," says David Frette, a Washington, Ind. Certified Public Accountant.
Indiana farmers and others will have an opportunity to learn what the new tax law means for them during a free, closed-circuit television discussion scheduled from 7 p.m. to 9 p.m. (EST) Wednesday, Nov. 19.
Purdue Extension will present the discussion of the new law on the Indiana Higher Education Telecommunications System (IHETS).
The program will be shown at 19 county Extension sites in Indiana. To find the site nearest you, call Crystal Hughes, (765) 494-5986.