Just a heads up . . . The Small Business and Work Opportunity Tax Act of 2007 was signed by President Bush on May 25th and one of the sections was good news for alpaca breeders and small businesses in general. The provisions of Section 179 in excess of $100,000 (adjusted annually for inflation) were extended through 2010. Originally the deduction was scheduled to be reduced to $25,000 that year. So the new law extended the higher threshold of Section 179 by one year and increased the 2007 limitation from $112,000 to $125,000. The law also increased the annual phase-out of Section 179 from $450,000 to $500,000.
It's nice when tax legistation is in our favor for a change.
Don't forget to sign up for the tax seminar being presented by Peggy and Fred Kraft at Northwest Alpacas on Friday, November 30th.
http://www.alpacas.com/AlpacaInstitute/CourseDetails_ODS5.aspx
Monday, July 30, 2007
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