Source: AgriLife Today
Extreme weather conditions in 2011 caused havoc for Texas agricultural producers with property damage and forced early livestock liquidations, according to a Texas AgriLife Extension Service specialist in Amarillo.
Such unplanned events often create more revenue than usual in a given year, generating income tax issues, said DeDe Jones, AgriLife Extension risk management specialist in Amarillo and co-author of a newly released publication.
The publication, “Texas Panhandle Producers Face Tax Implications from Drought-Related Losses,” will help producers walk through several scenarios as they sort through the many decisions they will face at tax time, Jones said.
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A copy of the publication, along with other drought resources, can be found at: