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Published December 14, 2010, 11:57 AM

New laws in 2010 could affect farmers’ tax bills

LINCOLN, Neb. — Several new laws that took effect in 2010 could affect farmers’ tax bills, so experts encourage farmers to plan ahead.

LINCOLN, Neb. — Several new laws that took effect in 2010 could affect farmers’ tax bills, so experts encourage farmers to plan ahead.

Nebraska Farm Business Inc. Director Tina Barrett says some farmers and ranchers may be able to claim a tax credit for as much as 35 percent of the amount they pay for their employees’ health insurance.

And Barrett says the limits on the deduction farmers can take for wages they paid during the year has been relaxed, so farmers may get a bigger deduction.

The rules for recording the depreciation on the equipment farmers used have also changed.

Barrett encourages farmers to talk to their tax preparers about whether they’ll be able to take advantage of these changes.

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