For those not so familiar with farming, this is not any sort of free tax rebate to farmers.....
We can deduct major purchases over time, perhaps 1/20th of the cost each year off our taxes for 20 years. So the deduction is always there.
What the special 179 does is allow one to deduct a much bigger amount the first year.
Then you have far less deductions following years for that item.
If we farmers start playing that game, we need to keep doing so, or we end up a year with good income, and no new or old deductions to keep us from a higher tax bracket.
We get caught between a rock and the IRS..... When they change the rules so drastically.
At times the govt feels letting us accelerate these deductions helps spending and employs more people and more taxes are generated, so they always up these limits in an election year.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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