Dedicated to Our Clients. Devoted to Our Alpacas
Great News for Alpaca Breeders!
President Bush signed the new Economic Stimulus Package February
2008.
Section 179, which allows the expensing of depreciable business
assets, was increased to $250,000 for 2008, and the
first year bonus depreciation allowance for depreciable property,
was increased to 50% for 2008. Best of all, this is all based
on the price of the asset (alpaca) whether you pay cash OR finance
your purchase! These tremendous benefits are available
now to alpaca owners and breeders.
All of this means that, for most of us (be sure to check with your
accountant), much of the first year costs of a financed alpaca
purchased in 2008 are now being offset by tax benefits! (Note: These
changes are limited to assets purchased in 2008)
Please refer to IRS Publication 225, “Farmer Tax guide” for more information. It can be attained at the IRS website: http://www.irs.gov Of course, your accountant can advise you of your tax structure and we recommend that you follow that advice.
There is no doubt that this is GREAT news for the alpaca owner! These are just a few of the exciting tax advantages of alpaca ownership!
:
|
