The webinar will be a practical, management-oriented discussion of recent tax changes and the implications for farmers, farm families and farm businesses. Topics include a review and discussion of depreciation alternatives involving additional first year depreciation, Sec. 179 expensing and regular depreciation for 2011 and 2012. Deducibility of health insurance premiums by the self-employed and other health care changes will be reviewed. Other topics include deductibility of prepaid expenses, deferral of income, farm income averaging, reporting crop insurance indemnities and distress sales of livestock. Tax planning in a high income year will be emphasized.