The Vance-Granville Community College Small Business Center is inviting local farmers and budding entrepreneurs to a free workshop, entitled “Understanding Agricultural Business Taxes,” on Monday, March 28, at VGCC’s Warren County Campus in Warrenton. Dinner will be served starting at 5 p.m., with the presentation following from 5:30 until 8 p.m.
The instructor will be North Carolina State University Extension Specialist Guido van der Hoeven. He will discuss tax issues in the specific context of agricultural businesses, including sales taxes, particular sales tax exemptions, collection and remittance on sales of farm products, and recent changes to North Carolina law.
Attendees will also discuss income taxes and have the opportunity to walk through the following tax forms: Schedule F (Profit & Loss from Farming), IRS Form 4562 (Depreciation & Amortization) and IRS Form 4797 (Sales of Business Assets). There will also be an open question and answer session for farmers and agri-business leaders to have their tax questions answered.
This is the second in a series of events made possible by a grant, entitled “Cultivating and Connecting Agricultural Communities,” awarded to VGCC as part of the Rural Community College Agricultural Cooperative Initiative, funded by the U.S. Department of Agriculture (USDA).
Dinner will be provided at no charge to attendees who register in advance. The deadline to register is March 23. Space is limited for this free event. Registration can be completed online at www.ncsbc.net/center.aspx?center=75530.
For more information, contact Kyle Burwell, coordinator of Human Resources Development, at (252) 738-3276 or hrd-wk@vgcc.edu, or Tanya Weary, director of the Small Business Center, at (252) 738-3240 or smallbusiness@vgcc.edu.