New Tax Information for Farmers

The Small Business Jobs Act of 2010 was just recently passed by both the House and Senate and President Obama will sign it when he gets back from China.  This Act has several tax “goodies” for farmers and it also has some not so good “goodies”.  A recap is as follows: Section 179 Expensing - Earlier in the year, the law increased the expense deduction up to a maximum of $250,000. This Act increases that amount to $500,000 and the phaseout does not start until you purchase at least $2 million of equipment.  For almost all farmers, … [Read more...]