From a farm tax standpoint, one of the biggest trends for 2010 is the expansion of the Section 179 deduction to $500,000 and the introduction of 100% bonus depreciation for new assets bought after September 8, 2010 and before January 1, 2012.
With these two new rules, almost all farmers who purchase new and used equipment during these time periods will be able to completely deduct the purchase if they so chose. In many cases, the extra deduction may get them little or no tax benefit and cost them money in future years, so it is very important, to try to optimize your tax savings from these two deductions.
Also, for those farmers building ag specific buildings and structures, you will most likely be able to deduct 100% of these costs on your return. Again, you may not want to do this fully, so it is important to review these rules with your tax advisor.