Farm taxes need expertise to navigate

  • Farm taxes need expertise to navigate
    Farm taxes need expertise to navigate
Nine out of 10 full IRS audits generally have returns with $100,000-plus losses on Schedule C. It is critical to know the rules on depreciation. Dairy cows and breeding cattle can be depreciated. Cattle that are just held for resale are not depreciated. Depreciable cattle can be written off over five years or even one year using bonus depreciation or the Section 179 deduction. Cows should be set…

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