South Dakota Farm Bureau

07/02/2024 | Press release | Distributed by Public on 07/02/2024 08:01

Understanding Your Tax Bill Meetings to be Hosted by South Dakota Farm Bureau

South Dakota Farm Bureau will present a series of informational meetings about taxes on July 24 and 25 at four locations across South Dakota.

The free meetings are open to the public and will include experts from the American Farm Bureau Federation (AFBF) and the South Dakota Department of Revenue (DOR). Guest speakers will be Dustin Sherer with AFBF and Wendy Semmler with DOR. Refreshments will be served at each location.

Topics will include:

  • Upcoming tax code reforms set to expire in 2025, which may affect estate planning;
  • What makes up your tax bill; and
  • What you can do to learn more about taxes in your county.

The Tax Cuts and Jobs Act of 2017, set to expire in 2025, is benefiting most farm and ranch businesses. Important provisions include reduced tax rates, the new small business income deduction, provisions to allow the matching of income and expenses, immediate cost recovery and an increase in the estate tax exemption. More than 98 percent of farms and ranches operate as pass-through businesses - sole proprietorships, partnerships and Sub S corporations. Failure to extend important pass-through provisions will result in a tax increase for farmers and ranchers and leave them without ways to deal with the cyclical and unpredictable nature of their businesses.

In addition, many landowners have questions about how their property tax bill is calculated and where to go if they have questions about their tax bill. The DOR will have a representative at the meetings to provide education and information about the property tax process in South Dakota.

Meetings will be held in the following communities:

July 24, 2024

  • 10:30 a.m. (MT) - Hot Springs, S.D.
    Mueller Civic Center, 801 South 6th Street
  • 3:30 p.m. (MT) - Faith, S.D.
    Legion Hall, 102 3rd Street

July 25, 2024

  • 10:30 a.m. (CT) - Clark, S.D.
    120 North Commercial Street
  • 3:30 p.m. (CT) - Sioux Falls, S.D.
    McCrossan Boys Ranch
    47135 260th Street

The meetings are hosted by South Dakota Farm Bureau, a grassroots membership organization that represents more than 13,000 farm, ranch and rural families. More information can be found by contacting Matthew Bogue at [email protected] or at 605-377-8833.