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Tax Benefits
Of Alpacas!
The Alpaca Industry like many others
has benefited from incentives put in place to stimulate
small business growth. Section 179 of the tax code allows deductions up to $250,000 in 2008, and many folks have taken
this opportunity to jump start their alpaca business.
You have until the end of this calendar year to take advantage
of the 2008 Section 179 deduction. This deduction allows
you to take up to $250,000 of certain qualifying property
right off of the top of your
taxable income.
In an alpaca breeders world that translates into immediate
tax savings from expenditures on such assets as tractors,
fences, computers and alpacas! (It does not apply to permanent
structures, such as barns, which have their own depreciation
rules.)
Feel free to call us to
discuss this and other aspects of the alpaca business and
Americana Alpacas part in
your tax savings!
If you would like to see the official IRS word on Section 179
follow this link:
http://www.irs.gov/newsroom/article/0,,id=179227,00.html
Please note that we are not Accountants or CPA’s. The
information in this article is to give you some basic information,
which will allow you to find out from your CPA or other
tax preparer what is appropriate for
your situation.
If you do not have someone you feel understands
an agricultural tax situation then we highly recommend Bernard
Abercrombie of Abercrombie & Associates, PC in Houston.
Please call us for contact information at 936 870 3887.
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