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Come on now that we're here I will kick things off it will give Dennis a chance to catch up with us a little as I do a welcome to folks for joining us to this webinar on taxes and beginning farmers since it is that season again this year and this is an opportunity for you to learn some basics about the implications regarding taxation and farming and Dennis has been involved with this topic for some time and was part of a committee that wrote some IRS assistance information assistance information, so this should provide you a good basis for getting started with this webinar is part of the UVM new farmer program webinar series that's funded in part by a grant from the working lands Investment Board, and we're very excited to have you here and very excited to have Dennis able to talk to us so Dennis I'm going to turn this over to you and I assume you'll, you'll forward your slides as needed yes Heidi I will forward my slides as needed, and thank you for being here folks today, and thanks for your patience with my bumbling on the computer I'm going to visit with you some about taxes primarily federal income taxes and beginning farmers, and I'd like to thank a couple of the folks that provided me with some slides and some guidance on this Lauren jar van enrolled agent here in st. Johnsbury Mike Shabbat from UNH except extension and Carol's Intel from Farm Credit East in New Hampshire let's see the the general rule of the tax system is that if you get if it's to income and then the other another general rule is that income is taxable unless it's very specifically excluded and then an interesting quote that I came by a few years ago was that there is no table under which you can pass cash lots of times people talk about cash going under the table it's still taxable then let's see here these are some of the basics that I'm going to be hitting on today for the next 50 minutes or so first one startup decisions is your farm a hobby or is it a business either one is fine, but you should make sure you understand which is which in the implications of it another one is separating farm income and expenses from personal income and expenses third one it will tip our hat to depreciation and very briefly on the sales of business property we'll talk just a little about employer and employee issues a little bit about self-employment tax and a bit about Vermont taxation and farms this is the IRS publication called the farmers tax guide let's see it's not ninety pages of information on how the federal tax rules and regulations affect farmers in the United States like Heidi said I've been a member of this national farm income tax extension committee that's an acknowledgement on the front cover this thing is a annual publication and it's available online from IRS gov, and you type in irs.gov farmers tax guide publication two to 5 and bingo there you are there are 16 chapters in here I think the most interesting one is chapter number 4 farm business expenses I think it's...
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