While there are many reasons to enjoy woodland ownership, paying taxes on your property and the income you derive from them certainly aren’t among them. Making sure that you take every tax break to which you’re entitled can make the process slightly less painful.
In this article we’ve included several possibilities for tax savings. While most are focused on federal taxes, your state may also have some tax deductions and programs that could reduce your tax bill. In either case, remember that tax laws are complex. It’s always a good idea to discuss your specific tax situation with your accountant, your lawyer, or your tax professional.
*This post was written by Mary Lou Jay, a regular contributor to WoodsCamp blog and AFF's WoodLand Magazine.
Bugs (cicadas), bugs (EAB) and more bugs (tent caterpillar) arriving in Kentucky Late April/Early May
TheU.S. Department of Agriculture is requesting public input on a climate-smart agriculture and forestry strategy. The Notice represents an important step toward implementing President Biden’s Executive Order on Tackling the Climate Crisis at Home and Abroad. The Order, signed January 27, states that, “America’s farmers, ranchers, and forest landowners have an important role to play in combating the climate crisis and reducing greenhouse gas emissions, by sequestering carbon in soils, grasses, trees, and other vegetation and sourcing sustainable bioproducts and fuels.”
“USDA is committed to addressing climate change through actions that are farmer, rancher, and forest landowner-focused and that create new market opportunities for the sector in a fair and equitable way,” said Vilsack. “We want your ideas on how to position the agriculture and forestry sectors to be leaders on climate smart practices to mitigate climate change. This includes making the most of USDA programs, developing new USDA-led climate strategies, strengthening existing markets and developing new markets that generate income.”
The Notice seeks information on four topics: climate-smart agriculture and forestry; biofuels, bioproducts, and renewable energy; catastrophic wildfire; and meeting the needs of disadvantaged communities through USDA’s climate strategy.
The Notice will be available for public input until April 30th, and is available online through the Federal Register.