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Contact a Tax Accountant

contact a tax accountantIf you're like a lot of landowners, logging doesn't happen often on your woodlot. Rather than risk audits and penalties, consider hiring a tax professional when you have timber-related income.

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How to Information

How to Select a Tax Preparer

This 4-minute video from Minnesota’s Taxpayer Rights Advocate Office provides tips on choosing a tax preparer. The tips are general, but they’re good advice no matter what your situation.


Ten Tips to Help You Choose a Tax Preparer

Like the Minnesota video, this IRS-developed list of tips for hiring a tax pro is general but helpful.


Certified Public Accountant (CPA) Holder Directory

Use this searchable CPA database to find an accountant near you.


Enrolled Agent Searchable Database

Enrolled Agents are IRS-licensed tax specialists. Use this searchable EA database to find one near you.

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480-a offers the potential for you to save substantially on your property taxes, but it also requires a commitment to managing your woodlot for the next 10 years. Consider the benefits and obligations carefully before you enroll.

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Agricultural assessments can reduce your property taxes for land actively used for farming. Many farm products qualify, but the program has acreage and earnings thresholds and time commitments. Consider the benefits and obligations carefully before you enroll.

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Determine My Woodlot's Tax Class

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How you report income from logging and how much tax you owe depend on which of 3 tax classes your woodlot falls into. You can determine your woodlot's tax class by answering a few simple questions about why you own it and how you use it.

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Document the Original Value of My Trees

Document the Original Value of My Trees

You can subtract the value of the timber when you first purchased or inherited your woodlot – your "basis" – from your taxable income when you have a timber sale. This reduces your taxable income. If you don't know your woodlot's basis, a consulting forester can help you determine it.

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