Forestry operations are costly, take half-a-generation of care, and have prolonged risk exposure from fire, storm, tree disease, and insect damage. The impact of taxing any profit from timber sales income can be very powerful.
You may be paying too much on timber income taxes. Even if you use an accountant, you should understand how timber expenses and income are taxed. Few professional tax services are offered in the timber tax specialty. Knowing the tax laws will give you an advantage in planning your forest management activities.
Furthermore, timberland owners must pay yearly property taxes, making timber tax a major expense without annual income to offset the cost.
Tax assistance
Timber tax assistance, including timber income tax, timberland property tax, and timber-related sales tax, is essential to ensure the healthy and sustainable development of timber resources. To serve the need and gap in timber tax assistance, we provide timber tax education and training, conduct timber tax research, and assess the implications of timber tax laws and policies.
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Our annual workshop provides basic information about timber taxation and the latest changes to tax laws and rules for tax return preparations.
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Planning for the willful transfer of personal property over time and after death. When it comes to a family forest, estate planning isn’t just about taxes.
