Are you paying more than your fair share of taxes on timber income? Do you have tax questions regarding your timberland? With only three weeks left in 2018, it’s not too early to ensure that plans and records are in place for the year’s end and that consideration is being given to goals for 2019.
Although many forestland owners use accountants, not all tax preparers are well versed in timber income taxes, especially after the Tax Code overhaul passed by Congress in December 2017 that presented a significant number of questions for forestland owners. In fact, there are very few professional tax services specializing in timberland taxes.
Even with the service of an accountant, it’s wise for landowners to have a basic understanding of timber tax laws when planning forest management activities. Things like how are timberland expenses and income taxed? What is a timber-use appraisal? How is timberland classified for property tax purposes?
Timber tax assistance, including timber income tax, timberland property tax, and timber-related sales tax, is essential not only to each land owner’s individual circumstances but also to ensure the healthy and sustainable development of timber resources. Texas A&M Forest Service provides timber tax education and training, conducts timber tax research and assesses the implications of timber tax laws and policies.
Extensive tax information is available on their website. Or, for more information, contact:
200 Technology Way
College Station, TX 77845
At Bird Forestry, we can offer our clients suggestions on how to find information regarding your tax questions as part of a forestland management program. We encourage all of our forestland owners to maintain good records, keep your timber basis report up to date, and make sure your tax professional is up to date on timber tax laws and regulations.
We have been managing and marketing forest products for our clients for many years, and we understand the importance of your forestland assets to you and your heirs. Good records and a basic knowledge of timber taxes can save you money. Contact us for help reaching your forest and land management goals.