Last year’s Tax Cuts and Jobs Act made changes to how farmers and ranchers depreciate their farming business property.
Depreciation is an annual income tax deduction. It allows a taxpayer to recover the cost or other basis of certain property over the time that they use it. When figuring depreciation, taxpayers consider wear and tear, and deterioration of the property, as well as whether it’s now obsolete.
Here is information about how the tax law changes to depreciation affect farmers and their bottom line:
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