Tax Breaks May Help You Fund Farming Upgrades

Tax Breaks May Help You Fund Farming Upgrades

Automation has brought major changes to agriculture. As we invest in chemical application, injection, equipment, and maintenance, we should consider taking advantage of generous federal income tax deductions to offset our costs.[emember_protected custom_msg=”Click here and register now to read the rest of the article!”]

When we lease, finance, or buy qualifying equipment and office software, we need to consider Section 179 of the U.S. tax codes. We need to learn about it, how it works, and what qualifies for deductions. It’s important to know how it can help us become more profitable.

Informed purchasing decisions greatly influence our bottom line, so you’ll want to consider potential deductions as you weigh any decision to update or upgrade. Section 179 may keep you from going into debt to fund new equipment, or at least minimize that debt.

Be sure to run your ideas past your accountant to get the most up-to-date information. And consider your options carefully.

You may find there’s no need to put off upgrading that old equipment. Newer, more efficient equipment may pay for itself sooner than you think, especially with help from Uncle Sam. You’ll find more information about Section 179 here: http://www.section179.org/

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column by BRAD WEIHRAUCH

BIO: Brad Weihrauch is a Polk County native. He grew up around a family business of agriculture and customer service. After Winter Haven High School, he went on to complete his education at Polk Community College and Warner Southern. After serving 17 years in customer service for a large retailer, Weihrauch returned to his agriculture roots and founded RWC, an agri-service and management company, in 2002. [/emember_protected]