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10 Tax Tips for Farmers


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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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