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Your Maine Attraction for Fabulous Fleece!

* * IRS Incentive Package * *

The incentives have gotten even better.  A new economic stimulus package was passed by Congress and signed by our President, George W. Bush on March 9, 2002.  It allows an additional 30% depreciation on capital goods purchased after September 11, 2001.  This new law goes for three years (September 11, 2001 to September 11, 2004).  Talk with your tax advisor about this new law or visit the IRS website at http://www.irs.gov .

Other Helpful IRS Links:

http://www.irs.gov/formspubs/article/0,,id=109879,00.html

http://www.irs.gov/businesses/page/0,,id%3D6982,00.html

http://www.irs.gov/formspubs/page/0,,id%3D12855,00.html

http://www.irs.gov/pub/irs-pdf/p225.pdf

 

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Tax Advantages & Investment Returns of Alpaca Livestock

Raising alpacas is a wonderful and rewarding lifestyle with some very attractive tax advantages. If you are raising alpacas for profit, the expenses associated with this activity are deductions from your income for tax purposes.

Tax write-offs can be one of the major financial benefits of alpaca ranching. However the following should apply:

** Please note:  If you are a passive investor, you are still allowed tax benefits.  Please consult with your tax advisor for further information on passive investments.

What Can Be Deducted?

Farm expenses and improvements are either direct deductions or amortized (depreciable) deductions. Some of these expenses include:

What Can Be Depreciated?

Other Financial Advantages of Alpaca Ranching

Please Note:

Because the tax laws are complicated and change frequently, we recommend consulting with a tax professional or licensed CPA for further details on income tax advantages. This article is provided for information purposes only. A very helpful IRS publication (#225, entitled The Farmers Tax Guide) can be obtained from your local IRS office.  Or visit the IRS website at http://www.irs.gov .

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David and Judi Howard

82 Benn Hill Rd, Hodgdon, ME  04730

207-532-9696

Cell 521-4551

info@forticorfarms.com