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Another reason I want out of this area
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<blockquote data-quote="Brandonm22" data-source="post: 666159" data-attributes="member: 7645"><p>There is a LOT you can do with the cash accounting system and depreciation schedules to keep yourself in a lower income tax bracket; BUT if you are doing this FULL TIME as your only income and your FARM NET INCOME Form 1040 Line 18 (for tax purposes never to be confused with Form 1040 line 43 Taxable Income) is $3000 a year in and year out over time (and you are not a liar and a tax cheat) you don't have enough money coming in to pay your light bill much less buy shoes for your kids. The standard deduction for a head of household is $8000 and a family of 4 gets another $14,000 off (4 x $3500) so a farm with a net income of $22,000 (and no outside income) pays NO federal INCOME taxes (social security is a different animal). The same farm making $32,000 ($10000 taxable income) pays only $1003 in income taxes and I bet that if I filled out the earned income tax credit worksheet on the kids I can wipe that out.</p></blockquote><p></p>
[QUOTE="Brandonm22, post: 666159, member: 7645"] There is a LOT you can do with the cash accounting system and depreciation schedules to keep yourself in a lower income tax bracket; BUT if you are doing this FULL TIME as your only income and your FARM NET INCOME Form 1040 Line 18 (for tax purposes never to be confused with Form 1040 line 43 Taxable Income) is $3000 a year in and year out over time (and you are not a liar and a tax cheat) you don't have enough money coming in to pay your light bill much less buy shoes for your kids. The standard deduction for a head of household is $8000 and a family of 4 gets another $14,000 off (4 x $3500) so a farm with a net income of $22,000 (and no outside income) pays NO federal INCOME taxes (social security is a different animal). The same farm making $32,000 ($10000 taxable income) pays only $1003 in income taxes and I bet that if I filled out the earned income tax credit worksheet on the kids I can wipe that out. [/QUOTE]
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Another reason I want out of this area
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