Coming Soon: Farm Breweries?
Michigan could soon see a boom in breweries allowed to operate in a fashion similar to that of wineries in the state. According to an article on Mlive, Brewery Terra Firma is blazing a new trail for the booming craft brew industry in Michigan. This new brewery, still under construction in Traverse City, is planning to grow some of their ingredients in their on-site farm. This new vision has gotten traction with state officials -- zoning framework and farm brewery licenses are
Update Your Withholding Tables
The American Taxpayer Relief Act of 2012 passed on January 2, 2012. Because of this Act, wage earners will be losing 2% of their paycheck. For the last two years, employees have been enjoying a 2% Social Security tax break in their paychecks. That provision was allowed to sunset, so, as of January 1, 2013, you’ll need to adjust your payroll withholding tables to reflect this change. Questions about your brewery’s payroll? Contact the professionals at the Brewers Professional
Tax Planning Strategies
Planning to upgrade your brewery equipment in 2013? You’ll be happy to know Congress revised Section 179 Expensing as part of the American Taxpayer Relief Act (ATRA). In 2012, the maximum expensing election was $139,000. Thanks to the ATRA, the expensing election has been retroactively changed to $500,000 for 2012 and 2013. In 2014, that amount reverts to $25,000. Keep in mind, however, that to take advantage of Section 179 Expensing you MUST have taxable income. Questions ab
