As 2007 draws to a close, The Samuel Roberts Noble Foundation will help Oklahoma's farmers and ranchers prepare for tax season by hosting a no-cost Tax Update Seminar.

"The ever-changing tax laws are difficult to navigate for the average taxpayer. However, tax law becomes increasingly difficult when you operate a farm or ranch," said Dan Childs, agricultural economist at the Noble Foundation. "The key is to know what options are available, as well as having a good estimate of your taxable income before the end of the tax year."

The Noble Foundation Tax Update Seminar will take place at 1:30 p.m., Tuesday, Dec. 11, in the Kruse Auditorium on the Noble Foundation campus in Ardmore. This educational event will offer information, tips and advice on:

• capital gains, depreciation and Section 179;
• gross production activities deduction (new deduction for farmers); and
• year-end tax planning regarding equipment purchases, prepayment of expenses and dealing with changes to income levels.

The seminar will also provide answers related to Social Security topics, such as Social Security for spouses on the farm, rules that affect collecting disability and income levels that can impact Social Security benefits.

The Tax Update Seminar will feature three presenters, including Childs, Douglas W. Dean, a certified public accountant (CPA) and certified financial planner (CFP) who has been practicing in Ardmore since 1978, and Larry Jones, who has been employed by the Social Security Administration for more than 20 years. Jones currently serves as a public affairs specialist and conducts hundreds of educational seminars about the federal program.

"Each presenter brings a wealth of valuable information and insight," Childs said. "The audience will undoubtedly leave with quality information that can positively impact their operation. This is one seminar farmers and ranchers cannot afford to miss."

To preregister for the seminar, call 580.223.5810 or go to http://www.noble.org/AgEvents for online registration.

07-060

###

News Release Issued: November 19, 2007

The Samuel Roberts Noble Foundation, Inc. (www.noble.org), headquartered in Ardmore, Okla., is a nonprofit organization conducting agricultural, forage improvement and plant biology research; assisting farmers and ranchers through educational and consultative agricultural programs; and providing grants to nonprofit charitable, educational and health organizations.