Texas Insider Report: AUSTIN Texas (AMARILLO TEXAS) - Area business owners would benefit from recent action in Washington to make permanent the higher expensing levels for Section 179 of the tax code. If signed into law this provision would allow farmers ranchers and small business owners to write off up to $500000 a year on equipment and other qualifying purchases.
We must provide our countrys small business owners farmers and ranchers with certainty when it comes to the taxes and regulations that affect them said Thornberry. Making Section 179 permanent gives these hard-working folks more planning stability which in return promotes a healthier economy.
Speaking to employees at Yellowhouse Machinery Thornberry said that it is not fair or smart to make businesses operate on a year-to-year extension of key tax provisions and that this uncertainty makes it incredibly difficult for business owners to plan for the next year.
Our customers need to know now what they can expect for the 2015 tax year so they can plan. This is a crucial factor in helping them expand and grow said John Kritser president of Yellowhouse Machinery.
From 2010 through 2014 small businesses were allowed to write off up to $500000 with a phase-out threshold of $2 million although those levels have been set one year at a time. When these levels expired at the end of 2014 the expensing limit fell back to $25000. H.R. 636 Americas Small Business Tax Relief Act of 2015 passed the House on Feb. 13 and would make the 2010 through 2014 levels permanent law.
The bill now heads to the Senate.
Yellowhouse Machinery has nine dealerships in Texas and Oklahoma including Amarillo and Wichita Falls.
You can view photos from todays event at Yellowhouse Machinery Co. by clicking here.
Texas Insider Report: AUSTIN Texas (AMARILLO TEXAS) - Area business owners would benefit from recent action in Washington to make permanent the higher expensing levels for Section 179 of the tax code. If signed into law this provision would allow farmers ranchers and small business owners to write off up to $500000 a year on equipment and other qualifying purchases.
We must provide our countrys small business owners farmers and ranchers with certainty when it comes to the taxes and regulations that affect them said Thornberry. Making Section 179 permanent gives these hard-working folks more planning stability which in return promotes a healthier economy.
Speaking to employees at Yellowhouse Machinery Thornberry said that it is not fair or smart to make businesses operate on a year-to-year extension of key tax provisions and that this uncertainty makes it incredibly difficult for business owners to plan for the next year.
Our customers need to know now what they can expect for the 2015 tax year so they can plan. This is a crucial factor in helping them expand and grow said John Kritser president of Yellowhouse Machinery.
From 2010 through 2014 small businesses were allowed to write off up to $500000 with a phase-out threshold of $2 million although those levels have been set one year at a time. When these levels expired at the end of 2014 the expensing limit fell back to $25000. H.R. 636 Americas Small Business Tax Relief Act of 2015 passed the House on Feb. 13 and would make the 2010 through 2014 levels permanent law.
The bill now heads to the Senate.
Yellowhouse Machinery has nine dealerships in Texas and Oklahoma including Amarillo and Wichita Falls.
You can view photos from todays event at Yellowhouse Machinery Co. by clicking here.
