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10 Tax Tips for Farmers

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How Sin Taxes Work

How Sin Taxes Work

Sin taxes, excise taxes on things the government deems dangerous, discourage bad behavior, but can they be too effective? Find out at HowStuffWorks.


Author's Note: 10 Tax Tips for Farmers

While the current limit for the Section 179 deduction is $25,000, it was at a whopping $500,000 in 2013. Congress let the raised cap expire, but do be diligent about checking with the IRS to make sure there haven't been changes in the law: They can certainly apply a higher limit retroactively and create a much higher deduction again for the 2014 tax year.

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Sources:

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