New tax regulations may help some people who purchased farm equipment save more money sooner.
A recent article from Texas' Victoria Advocate newspaper featured the advice of Jose Pena, who is a professor at Texas A&M University. The story notes that new agricultural equipment that was used this year can be written off over a period of six years, rather than the previous requirement of eight years.
"This doesn't cover grain bins, cotton ginning assets, temperature-controlled storage facilities or land improvements such as fences," the article said.
Along with the changes regarding farm equipment, there may be other ways people can save on their taxes. For example, the government has extended and expanded a tax credit for home buyers. Originally, the first-time home buyer's tax credit was set to end in November. Now first-time homeowners have until April 2010 to get the $8,000 credit.
The credit also was expanded to include people who plan on buying a new primary residence. As long as they have lived in their current house for at least five years, homeowners looking to relocate could be entitled to $6,500.
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