Debit vs. Credit Cards

[JethroB]

I leave that up to my CPA. What I pay him for.

So do I but there is no double dipping. Farm equipment isn’t paid for by the government. It generally can only be taken as a deduction against taxable income through depreciation/amortization. Interest can also be allowed as a deduction. Business 101. States vary.

 

[two_bit_score]

Publication 946 (2022), How To Depreciate Property | Internal Revenue Service

www.irs.gov

What’s New for 2023​

Section 179 deduction dollar limits. For tax years beginning in 2023, the maximum section 179 expense deduction is $1,160,000. This limit is reduced by the amount by which the cost of section 179 property placed in service during the tax year exceeds $2,890,000.Also, the maximum section 179 expense deduction for sport utility vehicles placed in service in tax years beginning in 2023 is $28,900.

Phase down of special depreciation allowance. The special depreciation allowance is 80% for certain qualified property acquired after September 27, 2017, and placed in service after December 31, 2022, and before January 1, 2024 (other than certain property with a long production period and certain aircraft). The special depreciation allowance is also 80% for certain specified plants bearing fruits and nuts planted or grafted after December 31, 2022, and before January 1, 2024. See Certain Qualified Property Acquired After September 27, 2017 and What Is Qualified Property, later.

True that you cannot double dip but you can accelerate depreciation.