Skip to comments.End of year brings significant tax implications for farmers
Posted on 12/29/2011 3:46:34 PM PST by george76
As 2011 draws to a close, so do opportunities for farmers to take advantage of certain provisions of the federal tax code....
"The ability for bonus depreciation is changing, so if you're looking to make capital expenditures, this is the year to do it," ... "You can depreciate 100 percent now, it will go to 50 percent next year, and after that it could go away completely depending on what Congress does."
The other significant impending change to the federal tax code involves Section 179, which according to Marrison, works somewhat similarly to the bonus depreciation allowance.
(Excerpt) Read more at ntxe-news.com ...
Farm tax law ping, counselor.
Depreciation has always been an expense in every business so I’m not sure about this.
The last tax bill of 2011 had no provision to extend the 2011 tax treatment for fixed assets.
Not just for farmers
The same rules apply to any owner of tangible business assets.
Yeah I know, however changes in farm structure may affect my husband’s clients. Hence the ping.
LOL - This is why I supported 9-9-9, the Fair Tax, the Flat Tax, and whatever nutty thing Ron Paul was saying about Gold and the Federal Reserve. I HATE TAX LAW!!!