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Thread: Just like I thought

  1. #1
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    Default Just like I thought

    No crop inputs to claim. No capital stuff to write off. No calf expenses.

    The tax man cometh. For the first time since we started dairying, we owe income taxes.

  2. #2
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    Well someone has to be able to pay for all those people that don't want to work ��
    "Those people who say they have no time for bodily exercise will soon have to find time for illness ". Joseph Pilates

  3. #3
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    First time paying taxes. That's pretty good. Or maybe not.

  4. #4
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    We had crops to claim, a lot of stuff to write off and calf expenses and still we had to pay income taxes, I must be doing something wrong

  5. #5
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    It has to be paid eventually now matter how many tax minimisation strategies you put forward that is of course if you want free liquidity in the end.


    Sent from my iPhone using Tapatalk

  6. #6
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    Quote Originally Posted by freddobonanza View Post
    It has to be paid eventually now matter how many tax minimisation strategies you put forward that is of course if you want free liquidity in the end.


    Sent from my iPhone using Tapatalk
    You are correct! We'll be paying taxes every year till the end, I see no way around it any more.

    We'll also be pulling money out of tax shelters in a few years, that will only make it worse. And social security is 85% taxable, too.

  7. #7
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    Quote Originally Posted by cousinit View Post
    You are correct! We'll be paying taxes every year till the end, I see no way around it any more.

    We'll also be pulling money out of tax shelters in a few years, that will only make it worse. And social security is 85% taxable, too.
    What's going on??? You're an accountant!!!

  8. #8
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    Quote Originally Posted by freddobonanza View Post
    What's going on??? You're an accountant!!!
    Nothing's going on, I'm just musing.

    And I am an accountant but not a tax accountant.
    Last edited by cousinit; 04-15-2017 at 04:18 AM.

  9. #9
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    What sort of accounting do you work in ? Management for big business?

    Generally I think of paying tax as a wealth problem that's good to have usually , but not always meaning that you are making money . Do you have professional people to help you out ?
    "Those people who say they have no time for bodily exercise will soon have to find time for illness ". Joseph Pilates

  10. #10
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    I work for a large healthcare org.

  11. #11
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    Quote Originally Posted by Grazy View Post
    We had crops to claim, a lot of stuff to write off and calf expenses and still we had to pay income taxes, I must be doing something wrong
    From 1980 to 2014 we had anywhere from one to five kids to claim, plus education credits. That played into the tax reduction quite a bit.

    In 2016 we still had 2016 crop expenses but no prepay on the 2017.

  12. #12
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    Quote Originally Posted by cousinit View Post
    From 1980 to 2014 we had anywhere from one to five kids to claim, plus education credits. That played into the tax reduction quite a bit.

    In 2016 we still had 2016 crop expenses but no prepay on the 2017.
    How do children reduce your taxable income ?
    "Those people who say they have no time for bodily exercise will soon have to find time for illness ". Joseph Pilates

  13. #13
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    Quote Originally Posted by Lead Cow View Post
    How do children reduce your taxable income ?
    They are worth about $4k each off of taxable income. If you are really poor, you can get money refunded back to you, I think maybe $2,000 a piece?

  14. #14
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    Don't forget about earned income credit.

    A single momma in this Country with 2 kids just has to make a few thousand a year and our lovely tax system kicks back over $10,000 to her.

  15. #15
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    We just need to hide some of our income from farming. Ha HA.

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