Wondering how tax regulations that Congress passed late last year will impact you and your tax return this year? Well, TractorLife.com, a website that helps farmers maintain and extend the operating lives of their tractors, is offering a free webinar to do just that.
Scheduled for Nov. 15, at 2 p.m. EST, the webinar will feature Roger McEowen, professor of agriculture law and taxation at Iowa State University, and Robert Gunther, Certified Public Accountant and tax specialist with Frost PLLC in Little Rock, Ark. The duo will share insights and practical examples regarding:
- How to take advantage of 2011 machinery purchase tax incentives expiring on Dec. 31, 2011 and Dec. 31, 2012;
- How farmers can handle depreciation and tax ramifications of new and used farm equipment purchased in 2011 and 2012;
- How farmers can use tax law changes to benefit their farming operations; and
- How the depreciation rules work and what might be in store for farmers in 2013.
Understanding these new tax regulations and depreciation rules can deliver significant financial benefits to farmers, according to McEowen and Gunther.
For example, there is a 100 percent bonus depreciation for new farm machinery purchased this year, but only a 50 percent bonus depreciation in 2012. The 100 percent bonus depreciation can be applied to more than just farm machinery. In lieu of machinery, it can be applied to new farm property that has a recovery period of 20 years or less.
The webinar also will address Section 179 deductions, taxable losses, and the tax ramifications of bonus depreciation allowances in different states around the country. Not all states accept the bonus depreciation in its entirety. McEowen and Gunther both recommend that farmers discuss the new depreciation regulations with their tax consultants before buying new machinery or farm property.
Farmers can get the latest information about 2011 and 2012 depreciation rules and tax regulations by registering now for the Nov. 15 webinar hosted by TractorLife.com.
Source: Lubrizol Corporation