I cannot believe that February is already half over. I know local farmers are working hard to finish up their farm taxes and are attending many of the great OSU Extension workshops being held across the region.
Today, I would like to recap our Northeast Ohio Agronomy School and update you on the financial and tax implications of oil and gas leases/royalties meetings we are offering across in March.
I was very pleased to the response we had to our Northeast Ohio Agronomy School on Jan. 31 with close to 100 crop farmers in attendance.
We had a great line of speakers presenting information on weed control, fertilizer usage, precision agriculture, getting higher corn yields and dealing with soil compaction. I especially enjoyed Dr. Scott Shearer's look at the advances in precision agriculture and technology. It is mind-boggling what technology is on the horizon.
However, without a doubt, Dr. Robert Mullen garnered the most attention discussing critical soil nutrient levels and fertilizer use.
With increasing fertilizer costs and environmental concerns, area crop farmers will need to get a handle on their soil nutrient levels in the upcoming years. Mullen suggested that farmers soil test every two years to track soil nutrient levels closer.
If soil nutrient levels are over critical crop levels, farmers can save money by reducing fertilizer usage without sacrificing yields.
Farmers with soil tests of over 80 pounds of phosphorus per acre should reduce their fertilizer application this spring. This helps the farmer save money and decreases the likelihood of phosphorus run-off.
A reminder: Farmers can purchase soil test kits at the Trumbull County Extension office. Now is the time to soil test.
I would like to thank W.I. Miller and Sons of Farmdale for helping to sponsor this event. Their sponsorship helps us be able to bring in top-notch speakers for our producers. Thanks!
We do have extra handouts from this program for any farmer who was unable to attend the meeting. Just give me a call at 330-638-6783 or email marrison.2@osu.edu and I would be happy to mail a copy to you.
Our "Financial and Tax Implications of Oil and Gas Leases/Royalties in Northeast Ohio" meetings continue to sell out. Thus far, we have sold out the first four sessions, so I have added three more sessions for the beginning of March.
During this meeting, I will be discussing the financial and tax implications of Marcellus shale leases. The goal of this meeting is to help participants become more aware of the potential tax implications of leases and royalty payments.
Some of the topics to be presented include which payments are subject to ordinary income taxes versus capital gain; taking the percentage depletion deduction; how signing a lease may affect your CAUV status; and strategies to reduce your potential income liability.
The available meetings are 9:30 a.m. March 8 at the Ashtabula County Extension office, 9:30 a.m. March 13 at the Trumbull County Extension office and 6:30 p.m. March 14 at the Geauga County Extension office.
The registration fee for this program is $1 per person. Fee is payable at the door. However, due to space limitations - 50 per site - reservations are required.
More information can be obtained by calling 440-576-9008 or can be found at ashtabula.osu.edu.
Marrison is associate professor and extension educator, agriculture and natural resources, Ohio State University Extension.