lowcop - 9/5/2024 06:30
Johndeere7920 - 9/5/2024 06:31
Probably so CPA can do a quick tax prep to figure out if anymore available money that would be spent on Section 179 improvements needs to be spent to offset income for 2024. Kind of hard to look at your checkbook and see if you need to spend 10k or 100k unless you know the tax laws and figures yourself which in that case you wouldn’t need a CPA. Happens a lot around this time of year where people are trying to get ahead of huge taxes if they haven’t spent much of their 2024 income.
Unless it is a necessity for the farm business, a needed upgrade or facility improvement that boosts the bottom line, using section 179 saves about 25 cents on the dollar in taxes. Hard to get ahead spending a dollar to gain a quarter.
Section 179 and bonus list for 2024
