Additional Resources: Financial Considerations

Online Resources

• Internal Revenue Service. The IRS has dozens of detailed publications that explain how to report all income and expense transactions on your federal income taxes.

• Small Business Administration.This is a comprehensive website for information about how to start a small business and comply with federal laws. If you want to structure your woodland enterprise as a small business to take advantage of appropriate tax deductions, this is a good place to start.

• National Timber Tax Website. This is an excellent Website for woodland owners to look up answers to specific questions about how to report forestry-related income or expenses on your income taxes. It is more up-to-date than the Forest Landowners’ Guide to the Federal Income Tax mentioned above and includes more detailed information.

• Forest Taxation: Providing Timber Tax Information to Private Forest Landowners (USDA Forest Service). This resource provide information on forest tax policy, tax education, and information that are important to support private forest stewardship and conservation.

• Employer’s Supplemental Tax Guide (IRS Publication 15-A). This publication will answer your questions about who are employees and what forms you need to file with the federal government to meet all your obligations as an employer.

• Who Gets Grandma’s Yellow Pie Plate? A Guide to Passing on Personal Possessions (University of Minnesota Extension). This website offers educational materials on transferring personal property. The examples provide a good template for use when discussing titled property.  A workbook and video may be purchased. Some articles are free. It’s all about communicating with your loved ones about how to dispose of personal assets upon the death of a family member.

• Getting Started with Intergenerational Land Transfer (University of Minnesota Extension). This website provides details on the need for having a common family vision and a legal structure to carry out that vision.