Section 179 purchases (new and used machinery, commercial vehicles, pretty much any equipment a farmer would buy) can now be expensed in the year of purchase rather than depreciated over time- limits were in the low 6 digits for several years, but rose to $1,000,000 for 2018 taxes. So you can now just expense everything- BUT I'm not sure how it works if the expensed items cause you to have a loss for the year, so you need to talk to a tax professional experienced in farm returns to see how you should handle it. Note- H & R Block and the other franchise tax prep outfits generally do NOT understand this stuff.
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Today's Featured Article - Show Coverage: Central Illinois Strawberry Festival - by Cindy Ladage and Janna Seiz. Every year the coming of summer is highlighted by different events for different people. For some, it is heralded with the end of school, tilling the garden, or completion of the planting season. To us, connoisseurs of find food, antique tractors, farm toys, crafts, and downright fun, the annual Strawberry Festival means summer is here. Every year, in Carlinville, Illinois, the Macoupin County Historical Society and the Macoupin Agricultural Antique Association team up to fill th
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