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Texas A&M Forest Service Hosting Workshop to Highlight Tax Law Changes for Forest Landowners

Annual workshop to highlight tax law changes for forest landowners


 

 

Jan. 20, 2015 – LUFKIN, Texas – When it comes to taxes, all of the ins and outs and information you have to know is mind-numbing—but important. It’s especially important that forest landowners stay informed on the latest updates to tax laws regarding their timberland properties.

Knowing the tax laws will give you an advantage in planning your forest management activities. Sometimes landowners do not know about timber taxes and continue to pay more than their fair share of taxes on their timber income. Even forest landowners who use accountants need to understand record keeping, how timber expenses and income are taxed, since some tax preparers are not well versed in special tax treatment for forestry.

The 2015 Texas Timber Tax Workshop scheduled for next month in East Texas is a day-long event that will provide information on timber tax laws and rules, helping attendees understand recent changes before filing taxes. Along with federal income tax, timberland property tax laws in Texas will be discussed.

“This workshop is important because it brings landowners up-to-date on federal timber tax laws, which often change,” Omkar Joshi said, Forest Economist for Texas A&M Forest Service.

This annual workshop hosted by Texas A&M Forest Service and Texas Forestry Association, is an all-day event that gives hundreds of foresters, landowners and other professionals the training and education needed for applying new tax rules, which could prove as an advantage in forest management planning.

“Tax laws aren’t simple and timber taxation rules can be even more complex,” Joshi said. “We want landowners to be fully aware of the many favorable tax provisions and help them to determine appropriate basis of their property.”

The workshop is scheduled for Tuesday, Feb. 17 from 8 a.m. to 5 p.m. at the Lottie and Arthur Temple Civic Center, 601 Dennis St., Diboll, TX. Registration is $75 and includes a workbook, lunch and refreshments.

The workshop is designed for forest landowners, consulting foresters, public accountants, loggers, attorneys and anyone who deals with timber taxes. Participating in this workshop also qualifies for continuing education credits.

For more information or to register, go to http://texasforestservice.tamu.edu/timbertaxworkshop. Or contact Jennifer Hayes at 979-458-6630 or jhayes@tfs.tamu.edu.

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Texas A&M Forest Service Contacts

Omkar Joshi, Forest Economist
979-458-6630, ojoshi@tfs.tamu.edu

Brooke Catalena, Communications Specialist
979-458-6605, bcatalena@tfs.tamu.edu

 

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