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ers alone will potentially have an increase in taxes due to the new rules for:
Capitalization of preproductive costs associated with raising replacement livestock and establishing orchards.
Restriction on deductions for pre-paid farm expenses.
Changes in soil and water conservation rules, and
No deduction allowed for land clearing expenses.
These are but a few of the changes that will directly affect the farmer. Many of the changes in the Tax Reform Act of 1986 are complex. It is more important than ever to try to understand your income situation and tax alternatives.
To help local farmers better understand the new tax laws a Farm Tax Program will be held Tuesday, * Jan. 19, at 7 p.m. at Trinity Episcopal Church in Washington. For further information contact the Extension Office by calling 675-3619.
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