Why Gross Vehicle Weight Matters For Depreciation Purposes

For the 2017 tax year the Federal Section 179 depreciation deduction limit is now at $500,000, it is easy to think that any fixed asset classified as personal property can now be expensed.  However, in the year of purchase, it is important to remember the depreciation limits on passenger automobiles and trucks.  A passenger automobile… Read More

Standard Mileage Rate Drops for 2017

Beginning Jan. 1, 2017 the standard mileage rates will be: 53.5 cents per mile for business miles driven (down from 54 cents per mile in 2016) 17 cents per mile for medical or moving purposes (down from 19 cents per mile in 2016) 14 cents per mile for charitable organizations

Beginning Farmer Tax Credit

Have you ever heard of the Beginning Farmer Tax Credit? Maybe you didn’t think you qualified or you thought it looked like too much work. The Beginning Farmer Tax Credit is designed to secure leased land and to help young farmers get lower rent rates and in return the landowner gets a tax benefit on… Read More

Denver to the Smoky Mountains

Every year we try to make it to at least one national conference focusing on the new tax laws & regulations and updates in the agricultural world. This year we were fortunate enough to attend two conferences. Back in May, Tim and Lisa attended the Agriculture Conference that was hosted by the AICPA (American Institute… Read More