TAX RESOURCE GUIDE AVAILABLE TO TIMBER OWNERS
The U.S. Forest Service has compiled a quick-reference guide to calm timber owners’ federal income tax concerns. The publication explores timber tax laws important to foresters, woodland owners and loggers, as well as serves as a valuable resource for tax practitioners.
|Forestry is a major agricultural commodity in Alabama. More than 70 percent of the state's land area is forested, and more than 90 percent of the forest land is privately owned.|
“This guide is a great resource for landowners,” said Alabama Farmers Federation Forestry Division Director Rick Oates. “Timber tax laws are constantly changing, and it is important for landowners to stay up-to-date. This guide will help everyone better understand the rules.”
Since the first income tax Form 1040 appeared in 1913, many timber tax provisions have been added to encourage management and stewardship of private woodland that are commonly unknown by tax professionals. Landowners are encouraged to review the tax guidelines. To download the publication, click HERE.
Another great resource for tax and other information is Managing Forests, a book published by the Alabama Forestry Association. This guide, though not intended to replace a professional forester, provides landowners with the basic information they need to make management decisions. More information about it can be found at the following website: http://store.alaforestry.org/cart.php?target=category&category_id=10.
Contact the Alabama Forestry Commission’s State Headquarters, (334) 240-9300, or visit http://www.forestry.state.al.us for additional information.