NDSU Extension Service Farm Economist Ron Haugen shares some items to note for 2015 income tax preparation.
“Producers have until April 18 to file without penalty if they have paid their estimated tax by Jan. 15, 2016” says Ron Haugen, North Dakota State University Extension Service farm economist.
Items to note for 2015 income tax preparation:
The 179 expense election for 2015 is $500,000. Generally, the 179 expense election allows producers to deduct up to $500,000 of machinery or equipment purchases for the year of the purchase. There is a dollar-for-dollar phase-out for purchases of more than $2 million. The 179 expense election of $500,000 is now in permanent tax legislation.
http://www.irs.gov. Call the North Dakota Tax Department at (877) 328-7088 or go to
http://www.nd.gov/tax/ for answers to North Dakota income tax questions.
Source: NDSU Extension Service