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 - A Brief History of Tractors in Australia - by Bob Kavanagh. After Captain Cook's exploration of the east coast in 1770 the British Government decided to establish a penal colony in Australia. The first fleet arrived in 1788 and consisted mainly of convicts who were poorly equipped and new little of farming techniques. The colony remained far from self-supporting and it was not until the early 1800's that things started to improve. Free settlers started to arrive, they followed the explorers across the mountains and where land was suitable set up farms. T
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