A free 60-minute webinar will answer questions about how to take advantage of the 2011 tax depreciation rules for machinery purchases. The webinar will be live Nov. 15 at 1 p.m. CDT. To register for the webinar, go to TractorLife.com. During the webinar, two tax specialists will discuss the new regulations passed by Congress last December. They are Roger McEowen, Iowa State University professor of agriculture law and taxation, and Robert Gunther, CPA and tax specialist, Frost PLLC, Little Rock, Ark.  

During the webinar they will share insights and practical examples about:

  • 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. 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 can be applied to more than just farm machinery. In lieu of 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. 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 for the Nov. 15 webinar hosted by TractorLife.com. The webinar will be taped and archived 24 hours later on the TractorLife website. All registrants will receive a follow-up e-mail with a direct link to the archived webinar.