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Factors to Consider When thinking about Purchasing Year-end Assets.

Factors to Consider When thinking about Purchasing Year-end Assets.

As we approach the fourth quarter of the year, and especially after harvest, there is an annual event in the farm sector.  This is often driven by accountants who are being asked by a producer how they can avoid paying any income taxes on this year’s profitable production (if they are in a year where there is a profit).  One of the first suggestion is to purchase farm machinery.  This idea has gained popularity with the bonus depreciation in place with the current tax law.