Looking for year end tax strategies
I currently own and operate a construction company, and my wife works a W-2 job.
I’m in the process of buying a wheat farm. The initial equipment purchases will be around $250,000– which I plan to use the bonus depreciation (80%) as the equipment will die on the farm.
My issue is that I don’t know the if operating loan will close in time for me to purchase all of the equipment by December 31st. I obviously want to use the deductions to offset our other taxable income on my schedule C.
If I set up a new LLC for the farm with a tax year ending January 31st, 2024 and buy the equipment in January; can I still file everything together and get those deductions on my schedule C for 2023?
Please don’t respond with “go hire an accountant.” I’m just looking for a quick response. I’m currently looking for a new accountant, but I need some answers asap. Thank you!!
I currently own and operate a construction company, and my wife works a W-2 job.
I’m in the process of buying a wheat farm. The initial equipment purchases will be around $250,000– which I plan to use the bonus depreciation (80%) as the equipment will die on the farm.
My issue is that I don’t know the if operating loan will close in time for me to purchase all of the equipment by December 31st. I obviously want to use the deductions to offset our other taxable income on my schedule C.
If I set up a new LLC for the farm with a tax year ending January 31st, 2024 and buy the equipment in January; can I still file everything together and get those deductions on my schedule C for 2023?
Please don’t respond with “go hire an accountant.” I’m just looking for a quick response. I’m currently looking for a new accountant, but I need some answers asap. Thank you!!