Be sure you are prepared ahead of time
The Taxman Cometh… Prudent forestland ownership requires knowledge and management beyond planting, harvesting, environmental issues, and natural disaster risks.
Knowing what steps to take in advance of tax filing season to meet IRS requirements, while minimizing your tax bill, is an essential element in reaching forestland management goals.
The Tax Code overhaul passed by Congress in December 2017 presented a significant number of questions for forest landowners. How these changes will affect owners of forest land has yet to be fully determined.
Information and assistance for landowners with questions on 2017 tax return filings and planning for the new tax law changes in 2018 is available through the USDA Forest Service, the Texas Forestry Association, and the Louisiana Forestry Association.
Also, Bird & Crawford Forestry can help guide you toward the best answers to your tax questions, as well as help in setting and reaching your total land management goals.