Many forest homeowners miss out on opportunities to save on their source income and asset taxes. Even accountants and tax experts may not be aware of some of the provisions related to forest land ownership, the source of income from timber sales, and reforestation expenses. It may be to become familiar with some of the tax systems and policies that can also save you money and tell you how you will conduct your forest control in the future.

Several states will offer systems that reduce asset taxes for timber lot owners who meet certain needs and register and comply with the regulations of the state’s forest land systems. These systems vary across the state, but can offer a variety of benefits, tax reductions, forest control plans, and control assistance. Contact your national forest or herbal resources company to see what you could get and whether it meets your asset control goals.

Selling wood will generate a tax bill, but knowing how the wood is taxed and how to manage your tax liability can save you a lot of money in some cases. with the tactics you can manage your tax liability can help you plan now and for the future.

The Woodland Stewards Regional Owner Outreach Program evolved through a collaborative team of forest extension professionals from 11 other organizations. This is the fourth year of the series and other webinars in the existing series and beyond are available on the webinar portal. A series Starting January 18, an arrival at the issues of fiscal control that you can find as a forest owner will be presented.

Visit this to enroll in those programs, Forest Taxes: Learn, Plan, and Save Money.

All webinars will be recorded and will be available a few days after the presentation, at the same link.

The National Timber Tax online page is another resource to learn more about tax regulations and opportunities that homeowners can use. This site contains many resources, resolution teams, and references to help you in your fiscal control planning.

Finally, keep smart records of your expenses and activities. Tax law and policy may change, but having smart records can help you adapt and your control program.