Understanding Your Taxes
Taxes may be one of life’s certainties, but they’re also a common source of confusion—especially as a landowner. You may be subject to different taxes and tax laws because you own forest land, and it can be challenging to make sense of it all. Can you write off your forest management expenses? Which ones? And just what is the difference between capital gains and other income?
In this section, we’ll break down everything you need to know to understand your taxes. You’ll learn:
- how to handle your forest management expenses
- how to claim incentives and benefits for reforestation
- what capital gains are—and why you should care
- what your basis is and why it matters
- how conservation easements can affect your tax burden
- when and how you need to pay state and local taxes
- the answers to woodland owners’ most frequently asked questions
Understanding your tax burden and potential benefits is important. It can help you make more informed decisions about your woods, bring you greater peace of mind, and—of course—potentially save you money.
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