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10 important tax tips for craft breweries moving into 2017

“Section 179 is a depreciation method that allows you to accelerate write-offs by immediately deducting the full price of business equipment purchased in a given year. The deduction is available for new and used equipment purchases and is subject to both federal and state limitations. The deduction is particularly effective in years when you turn a profit as the deduction is limited to your business income annually.

For example, if you purchase a fermenter for $25,000, it would typically be depreciated over a five-year period. Using Section 179 Depreciation, you can immediately expense the entire $25,000 on both your federal and state tax returns in the current year.”

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10 important tax tips for craft breweries moving into 2017