There’s a new face around the ReproScan office—four paws, a wagging tail, and a heart full of energy! We’re excited to introduce Trigger, our new red retriever puppy.
Grant Opportunity: Supporting Cattle Producers in Continuing Education
The Rancher Resilience Grant.
This grant is designed to support cattle producers’ attendance at impactful educational events. It is made possible by a partnership between the National Cattlemen’s Foundation and Cargill Protein and is administered by the National Cattlemen’s Beef Association.
Elle will be speaking at Hawaii Cattlemen’s Annual Convention and ReproScan will be at the NCBA CatteCon— Both of which are covered by the grant.
Here is a link with more information if you are interested in applying.
It is that time of year- Time to think about Tax Deductions
Section 179 Deduction - Equipment and technology included
✅ What is section 179?
Under IRC § 179, a taxpayer may elect to treat the cost of certain qualifying property as an expense (rather than capitalizing it and depreciating it over many years) in the year the property is placed in service.
📋 What qualifies (Eligible Property)
To take the Section 179 deduction, property must meet certain requirements:
It must be “section 179 property”: generally tangible personal property to which the depreciation rules under § 168 apply, or certain computer software.
It must be acquired by purchase for use in your active trade or business (not merely leasing in many cases) and placed in service during the tax year for which you’re claiming the deduction.
It must be used more than 50% for business (for certain types of “listed property” and when you want full benefit).
You must elect to apply Section 179 for that property in your tax return (via Form 4562) in the year you place the property in service.
💻 What Property Can Be Depreciated?
You can depreciate most types of tangible property (except land), such as buildings, machinery, vehicles, furniture, and equipment. You can also depreciate certain intangible property, such as patents, copyrights, and computer software.
To be depreciable, the property must meet all the following requirements.
It must be property you own.
It must be used in your business or income-producing activity.
It must have a determinable useful life.
It must be expected to last more than 1 year.
The following discussions provide information about these requirements.
Property You Own
To claim depreciation, you must usually be the owner of the property. You are considered as owning property even if it is subject to a debt.