I’m ready for some sunshine that sticks around for more than a few minutes or a few hours. Let us hope that rodent on Feb. 2 predicts an early spring.
In case you’re counting, we have 48 more days until spring is officially here.
Enrollment for the Agriculture Risk Coverage (ARC) and Price Loss Coverage (PLC) programs for the 2021 crop year is currently open. The deadline to enroll and make amendments to program elections is March 15.
Producers have the option to enroll covered commodities in either ARC-County, ARC-Individual, or PLC.
These are the same program options that were available to producers during the 2019 and 2020 crop years, but in some cases, producers may want to amend program elections to better manage the potential risks facing their farms during the 2021 crop year.
The Clinton County Extension Service will be hosting a day of face-to-face meetings to discuss and review ARC/PLC Decisions and we will review decision-tools that are available to help you evaluate Farm Bill decision options moving forward.
The Clinton County programs will be held on Wednesday, Feb. 10. The programs are scheduled to be held at 1 p.m., 3:30 p.m., and again at 6:30 p.m. and will be held in the Clinton County Extension Community Room at 111 S. Nelson Ave., Wilmington. These programs are free, but registration will be required either online at https://go.osu.edu/2021farmbill or by calling the Clinton County Extension Office at 937-382-0901 or emailing Tony Nye at [email protected]
To comply with COVID-19 health guidelines, proper social distancing will be maintained, and face masks will be required during these events. Due to social distancing requirements, each program will be limited to 20 to 25 participants so pre-registration is important, and we will not be able to accept walk-ins.
OSU Extension will also be offering a state-wide webinar this winter focused specifically on the ARC/PLC decision in 2021, reviewing decision-tool calculators available to evaluate options, and current market outlook, as well as a webinar focused on crop insurance decisions for 2021. There is no cost to attend these meetings, but registration is required:
Feb. 25, 9-11 a.m. — ARC/PLC for the 2021 Crop Year
March 8, 10: a.m.-noon — 2021 Corn and Soybean Crop Insurance Considerations
You can find the information and registration about these two meetings at www.go.osu.edu/arcplc2021 .
Tax time
Another item that reminds me that spring is coming is that dreaded tax time.
Do you need a resource to answer those tough farm tax questions? If so, you can request a printed hardcopy of the 2020 Farmer’s Tax Guide by contacting the Clinton County Extension office at 937-382-0901 and arrange picking one up at our office at 111 S. Nelson Ave., Wilmington.
You can also access the Farmer’s Tax Guide (IRS Publication 225) online at www.irs.gov/pub/irs-pdf/p225.pdf
The 2020 Farmer’s Tax Guide explains how federal tax laws apply to farming. This guide can be used as a guide for farmers to figure taxes and complete their farm tax return.
The explanations and examples in this publication reflect the Internal Revenue Service’s interpretation of tax laws enacted by Congress, Treasury regulations, and court decisions.
However, the information given does not cover every situation and is not intended to replace the law or change its meaning.
Some of the new topics for the 2020 tax year which are included in this publication are: Tax treatment of Coronavirus Food Assistance Program (CFAP) payments, Payroll Protection Program (PPP) Loans and Forgiven Debt, Increased section 179 expense deduction dollar limits, COVID-19 related employment tax credits and other tax relief, Redesigned Form W-4 for 2020, New Form 1099-NEC, and much more.
The Rural Tax Education Site has additional resources for agriculturally related income and self-employment tax information that is both current and easy to understand at https://ruraltax.org .
Tony Nye is the state coordinator for the Ohio State University Extension Small Farm Program and has been an OSU Extension Educator for agriculture and natural resources for over 30 years, currently serving Clinton County and the Miami Valley EERA.
