The tax man giveth, and the tax man taketh away.

Two important federal income tax benefits that make the purchase of business-related equipment and horses more attractive to horse owners are scheduled to expire at the end of 2009. Extension of the tax breaks into 2010 is possible but unlikely, given the fact that Congress is embroiled in what will be an all-consuming debate over health care reform. Farm owners considering purchases of equipment or horses should discuss with their accountants or tax advisors the possible advantages of making those purchases before the end of 2009