I don’t currently farm but hope to do so in the future.
I want to trade my desk for a tractor. ;-)
My son wanted to farm it for me, but I said no, there is a steep learning curve, not in driving the tractor but buying them, maintenance and knowhow with the rest of it.
There are tax incentives and programs for new farmers though. I didn't read thru it because it didn't apply. May be investment credit on the tractor and machinery, too, plus accelerated depreciation which can get very complex.
Download the Farmer's Tax Guide, pub 225. Recommend the following link, too. Income Tax Management for Farmers 2010.
http://www.agecon.purdue.edu/extension/pubs/taxplan2010.pdf