Section 179 Farm Deduction

/Tag: Section 179 Farm Deduction

Plan Ahead, See Ahead

**Update for December 17, 2014 – The Tax Extenders Bill (H.R. 5771), which was passed by the House on December 3, 2014, was voted on and passed the Senate on December 16, 2014. This bill retroactively reinstates the limit on Section 179 to $500,000 and reinstates the 50% Bonus Depreciation deduction. It is important to [...]

2014-12-15T08:00:44+00:00December 15th, 2014|Categories: Uncategorized|Tags: |

To Buy Or Not To Buy

The American Taxpayer Relief Act of 2012 extended the $500,000 Section 179 deduction that the 2010 Small Business Jobs Act provided.  Under this provision, farmers can deduct up to $500,000 in qualifying purchases.  There is a dollar for dollar reduction of the deduction once the farmer’s fixed asset purchases go over $2,000,000.  However, the Section [...]

2013-12-01T08:00:18+00:00December 1st, 2013|Categories: Uncategorized|Tags: |