Roger McEowen, professor of agriculture law and taxation at Iowa State University, and Robert Gunther, CPA and tax specialist with Frost PLLC in Little Rock, Arkansas, will discuss the new tax regulations passed by Congress last December. During the webinar they will share insights and practical examples about:
• How to take advantage of 2011 machinery purchase tax incentives expiring on December 31, 2011 and December 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. For example, there is a 100% bonus depreciation for new farm machinery purchased this year, but only a 50% bonus depreciation in 2012. The
100% bonus depreciation bonus can be applied to more than just farm machinery. In lieu machinery, it can be applied to new farm property having a recovery period of 20 years or less.
The webinar will also 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. Professor McEowen and Mr. 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 November 15 webinar hosted by TractorLife.com.