The Business of Mines—Consider Your Tax Deductions Now
May 2007 by Mark E. BattersbyUncle Sam, the not-so-silent partner of every miner, dredger and prospector is willing, using our tax laws, to help reduce out-of-pocket expenditures necessary to acquire business assets and property. In addition to the well-known depreciation deduction, however, the tax laws permit tax write-offs for other, less tangible business assets. The best time to explore and lock-in many of these overlooked and misunderstood deductions is now, well before the end of the tax year.
Now they have come up with a second guide (to be released on May 1) that they believe will allow dredgers in California to resume working.
He began hiking my way and was as astonished as I was when he saw it. Another high five moment! It makes you wonder how long this gold had just been sitting there on the ground.
The changes we are seeking will most definitely help prospectors, small operations and dredgers. If you haven’t yet read our proposals, you’ll find a link to it at the end of the online version of this article.
The first thing I realized was this was not a toy—this thing had power and I needed to really pay attention. I got into position, took a deep breath, and pushed that monster into the hard pack.
Prospecting may not be as much fun as it once was. If that sounds like you and you want to figure out what to do to get back on the gold and be successful, I’ve got the answer: Research.
The Bawl Mill • Ask the Experts—Where can I find plans for a home-built suction dredge? • Ask The Experts—Can you help explain the ratings in Melman On Gold & Silver? • Recovering Values from Black Sands • Typhoon Exploration—Junior Mining Company Moves Forward in Quebec • Kalgoorlie, Australia—Born of Gold • Colorado Court Rules on Cyanide Ban • Selling Your Gold—Where To Start • Exploration, Development and Taxes • US v. Donald Eno—IBLA Rules in Favor of Miner • Miners Clean Washington Rivers and Streams • Melman on Gold & Silver • Mining Stock Quotes, Mineral & Metal Prices • Looking Back