Oklahoma's farmers and ranchers know what season is best for planting and what season is best for harvesting, but, as 2006 draws to a close, they are preparing for another type of season - tax season.

"Farmers and ranchers can have tremendous difficulty navigating the ever-changing rapids of tax law," said Dan Childs, agricultural economist at The Samuel Roberts Noble Foundation in Ardmore. "The key is knowing what options are available, as well as having a good estimate of your taxable income before the end of the tax year."

To help Oklahoma's farmers and ranchers answer their tax questions, the Noble Foundation will host a free Tax Update Seminar at 1 p.m., Tuesday, Dec. 5, in the Kruse Auditorium on the Noble Foundation campus. This educational event will offer information, tips and advice on:

• capital gains, depreciation and Section 179;
• tax consequences of drought-related livestock sales;
• gross production activities deduction (new deduction for farmers);
• Social Security issues; and
• year-end tax planning (machinery and equipment, prepaid expenses, increasing/decreasing income).

"Is buying a new pickup at the end of the year just to reduce your tax obligation a good deal? Can a stay-on-the-farm wife receive Social Security benefits or even farm disability pay if injured? These are just a couple of the questions our presenters will cover during the seminar," Childs said.

Expert presenters will include Noble Foundation agricultural economists Scott Boyd, Job Springer and Childs.

Other presenters include Douglas W. Dean, a certified public accountant (CPA) and certified financial planner (CFP) who has been practicing in Ardmore since 1978, and Don Henn, who has been employed by the Social Security Administration for 30 years. Henn currently serves as district manager of the Social Security office in Ardmore with responsibility for the 10 counties serviced by the Ardmore, Durant and Ada offices.

"Each presenter will offer a wealth of valuable information and insight," Childs said. "This is one seminar farmers and ranchers cannot afford to miss - literally."

To pre-register for the seminar, call 580.223.5810 or go to www.noble.org/AgEvents for online registration.

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News Release Issued: November 27, 2006

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.