Understanding How a Fiber Business is Taxed
Educator: Poppy Davis JD, C2C Consulting
This session will provide a framework for understanding taxation of land-based businesses (like a farm) and other enterprises (like making clothing or fiber art). We will review all the different types of taxes and then focus on federal income taxes and different types of taxable income. The changes to the federal tax law make it more important than ever to understand the different types of taxable income a person may have when they operate a land-based business like a farm or ranch business, and how the form of the business (Sole Proprietor, Partnership, Limited Liability Company, or Corporation) changes the taxes of the business owner. We will also discuss common tax deductions, special tax rules for farmers and ranchers, and tax deductions small business people often forget to take.
Poppy Davis
https://www.linkedin.com/in/poppydavis
Poppy Davis is a business and policy adviser to agricultural and food and beverage enterprises, and to nonprofits and local governments. She provides farmers and ranchers with training and technical assistance on issues such as business formation, land tenure, credit, taxation, liability, regulatory compliance, and value-added inventory. She works directly with nonprofits, associations, and local governments to help them develop financial and managerial capacity and programs to improve the environment for farming, ranching, and healthy food access.
She worked eight years at the USDA, most recently as the National Program Leader for Small Farms and Beginning Farmers and Ranchers. Previously she was a California CPA with an emphasis in agricultural enterprises and non-profits. She holds a Juris Doctor with a Certificate in Food and Agriculture from Drake University Law School, a Masters in Journalism from Georgetown, and a BS in Agricultural Economics from the University of California at Davis.
