USA Year End Taxes

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Dec 6, 2023
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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!!
 

BIG E

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No sensible accountant is going to give you last minute advice for a multitude of incomplete facts.
Go speak to an accountant who deals with farms.
 

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