Tax extenders to expire
Created: 12/17/13 (Tue) | Topic: Issues
More than 50 tax provisions, many of which are important to farmers and ranchers, will expire as revelers ring in the new year, but lawmakers are resolved to revisit the issues in early 2014. These provisions are collectively known as “extenders” because they’ve been extended a handful of times beyond original expirations.
Among the provisions most critical to farmers and ranchers is one related to small business expensing. Currently, under the Section 179 small business expensing provision, the maximum amount that a small business can immediately expense when purchasing business assets instead of depreciating them over time is $500,000. On Jan. 1, that maximum plummets to $25,000. Read more on the FBNews website.