The Alabama Extension Service is offering three financial planning programs in December. Each is on a Thursday night. Note some sessions require fees. All require registration.

Year-end tax planning for farmers

Alabama Extension is offering a live, online two-hour program on year-end tax planning for farmers at 7 p.m., December 2.

The business of farming provides more opportunities to schedule the recognition of income and expenses than any other business. Hopefully you will have this conversation with your accountant some time before the end of the year. If you do not have an accountant, it might be worth your time to “attend” this program.

Topics will include methods to defer taxes including constructive receipt, income averaging, installment sales, pre-paying expenses, and retirement plan contributions. Other topics will include accelerating depreciation, self-employment tax planning, hiring your children, weather-related livestock sales, sale of farm assets, treatment of crop insurance and disaster payments and net operating losses.

Speaker will be Robert A. Tufts, an attorney for 24 years. He also has a PhD in Forestry and a Master of Laws in tax. He taught at Auburn University for 36 years and is currently Visiting Professor in Extension on the Farm and Agribusiness Management Team.

There is $10 fee for this class and registration required. To register please go to this link:

https://secure.touchnet.net/C20021_ustores/web/product_detail.jsp?PRODUCTID=4802&SINGLESTORE=true

Basic estate planning

Alabama Extension is offering a live, online two-hour estate planning program at 7 p.m., December 9.

Planning for your eventual death and possible incapacity is more important than ever during this pandemic. It is always more expensive to die without a will than the cost to prepare one, and the administrative headache to die without a will is a burden you don’t want to leave to your grieving family.

The program will describe the problems you create when you do not have a will, how your assets are distributed if you do not have a will, and the three documents that should be in your estate plan – an advance directive for health care, a power of attorney and a will.

Speaker is Robert A. Tufts, an attorney for 24 years. He also has a PhD in Forestry and a Master of Laws in tax. He taught at Auburn University for 36 years and is currently Visiting Professor in Extension.

There is no fee for this class but registration required. To register please go to this link: https://www.aces.edu/event/basic-estate-planning-2/