As tax season in Texas approaches, have you considered brushing up on tax laws regarding timberland properties?There are many favorable tax provisions affecting timber transactions and an upcoming workshop aims to keep forest landowners and other professionals informed.
Knowing the most current tax laws provides an advantage when planning forest management activities. Many landowners could see relief in the amount of timber taxes they owe based on their timber income by being more aware of the latest tax information. There are also many benefits to understanding record keeping and how timber expenses and income are taxed, as some tax preparers may not be well versed in special tax treatment for forestry.
The 2017 Texas Timber Tax Workshop, annually hosted by Texas A&M Forest Service and Texas Forestry Association, provides information on timber tax laws and rules, helping attendees understand recent changes before filing taxes. Participating in this daylong workshop also qualifies for continuing education credits for foresters, loggers, certified public accountants and property tax professionals. This year topics will include federal timber income tax issues for private forest owners, with a refresher on local timberland property tax incentives.
“The workshop is designed for forest landowners, consulting foresters, accountants, attorneys and others who work with forest landowners in matters pertaining to timber taxes,” said Texas A&M Forest Service Forest Economist Rajan Parajuli. “Landowners find answers to their timber tax related questions. They get to learn about related tax filing forms, any new updates, pitfalls to avoid and practical issues during tax filing.”
The workshop is scheduled for Tuesday, Feb. 7 from 8 a.m. to 5 p.m. at the Lottie and Arthur Temple Civic Center, 601 Dennis St., Diboll, Texas. Registration is $75 and includes a workbook, lunch and refreshments.
For more information or to register, go to texasforestservice.tamu.edu/timbertaxworkshop, or contact Marion Broughton at (979) 458-6630 or mbroughton@tfs.tamu.edu.
