Tax Law Defined® Blog

Showing 1 post in Regulated Industries Tax (Alcohol, Tobacco, Equine, Manufacturing, etc.).

Horse Owners’ Ability to Utilize a Section 179 Deduction Against Income from Multiple Active Trades or Businesses

Horse Owners’ Ability to Utilize a Section 179 Deduction Against Income from Multiple Active Trades or Businesses Edit

While the Internal Revenue Code allows taxpayers to deduct from taxable income all ordinary and necessary expenses incurred in carrying out an active trade or business, generally, when purchasing tangible business assets with a useful life greater than a taxable year, the asset must be capitalized rather than deducted from business income for the year the property is placed in service. Read More ›

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Attorney Spotlight

Carl C. Lammers is a member of FBT, counseling employers on the design and administration of employee benefit plans, including defined contribution and defined benefit pension plans, ESOPs, and health and welfare benefit plans.

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