Cattle Financial Advisory Services.

[Capt Call]

Due to the number or large operations on the board operating three or four head. We will be offering the following sevices.

How to cross fence your five acres.
Where to purchase the perfect 12' trailer.
Buying feed in bulk 2 or more fifty pound sacks.
Managing City water in droughts.
These are just a few of the services we will be offering to these large operations.

 

[jw]

No advertising - but it is good satire.

It would be better if us older ones could buy bulk in 25 pound sacks. Perhaps you could find a source to re-sack it for us!

 

[Caustic Burno]

Do you offer tax services to explain what schedule F is and to explain profit and loss to these large cattle corporations.

 

[mitchwi]

Do you offer tax services to explain what schedule F is and to explain profit and loss to these large cattle corporations.

If they are "corporations" I would imagine they are not filing a Schedule F.

 

[SimmAngus]

Is the EPA involved with manure runoff and site control on these operations?

 

[MikeC]

Do you offer tax services to explain what schedule F is and to explain profit and loss to these large cattle corporations.

If they are "corporations" I would imagine they are not filing a Schedule F.

Corporations do file Scdule "F".

 

[mitchwi]

Do you offer tax services to explain what schedule F is and to explain profit and loss to these large cattle corporations.

If they are "corporations" I would imagine they are not filing a Schedule F.

Corporations do file Scdule "F".

Mike - you are absolutely right, my statement was totally wrong, and I never thought twice about it, until you brought it up!

 

[Arnold Ziffle]

Good idea, Woodrow. After all, sometimes "from small acorns mighty trees grow". And perhaps the parable of the mustard seed is inspirational to some of those operators you aim to assist. ;-)

 

[Texan]

I think that might offer a rewarding part-time opportunity for Caustic. When he's not over in Louisiana teaching college. Or working as a fieldman at the Angus sales.

 

[Capt Call]

I think that might offer a rewarding part-time opportunity for Caustic. When he's not over in Louisiana teaching college. Or working as a fieldman at the Angus sales.

Yes I was thinking offering Caustic as well as yourself and a couple of others a job.
We have several classes management of 5 head or less.
The 5 -10 head operation, and how to make money after dropping 200,000 in on land and equipment.
The 10- 20 Head operation and managing the hired help.

Texan PM for the class you would like to instruct.

 

[Crowderfarms]

I would really like to apply for a teaching position as well.
Here's are some of the subjects I would like to teach:
101 ways to justify that new King Ranch Crew Cab.

Beginners guide to Dyno Testing 125+ HP tractors.

25 Groovy designs for your own "Holding Brand".

How to re-sow your backyard with a No-Till Drill.

Booking Bailing Twine.

If your cattle are not Black you'll go broke.

Watson's Organic fertilizer for Californians only.

My guide to catchy Cow names.

Skipping sequence on numbers for ear tags, so you can tell your friends,"There's number 101" I cant figure for the life of me where the rest of the Herd is"

 

[norriscathy]

What cracks me up are these "Hobby Farmers" admiting they are in fact Hobby Farmers in an open public forum. In case they didn't know; hobby losses are not deductable on any tax return and if they are deducting hobby losses they could be guilty of tax fraud! I wonder who will be looking after their cows while they're serving their three years?

 

[MikeC]

What cracks me up are these "Hobby Farmers" admiting they are in fact Hobby Farmers in an open public forum. In case they didn't know; hobby losses are not deductable on any tax return and if they are deducting hobby losses they could be guilty of tax fraud! I wonder who will be looking after their cows while they're serving their three years?

And the income must be reported too!

 

[norriscathy]

What cracks me up are these "Hobby Farmers" admiting they are in fact Hobby Farmers in an open public forum. In case they didn't know; hobby losses are not deductable on any tax return and if they are deducting hobby losses they could be guilty of tax fraud! I wonder who will be looking after their cows while they're serving their three years?

And the income must be reported too!

I once saw a man get three years and a $300,000 fine for not reporting the sale of 10 cows, even though the shade tree that did his retun was way off and the guy was due a refund! Yes he got his refund while he was in the pen. It's called making a false statement. Read that little line or two above your signature block very carefully and THINK before you sign that return!!

 

[whatabull]

I think it is great my Family started cattle ranching in the 1860's. Starting from nothing with buying land, etc would be very hard now days. So not joining in on laughing at people trying their best. Just my two cents.

 

[ROCKSPRINGS]

I was told that IRS will give you five years to build your business with out a profit. After five years you have to show some activity, ( buying and selling ) If you dont show activity (profit) after five years IRS will say you have a hobby and not a business.

 

[norriscathy]

I was told that IRS will give you five years to build your business with out a profit. After five years you have to show some activity, ( buying and selling ) If you dont show activity (profit) after five years IRS will say you have a hobby and not a business.

I don't really want to start a tax forum here; but no. Hobby losses are NOT deductable. When people say farming is their hobby the IRS has nothing to proved; losses are not deductable. A business can have losses for many years and ALL losses are deductable. There are many things that distinguish a hobby from a business, some of them are: conducting you enterprise in a business like manner, seeking outside advice, keeping a separate set of books and checkbooks AND the reasonable expectation of making a profit sometime in the future. The courts have held that even selling the land for a profit was a reasonable expection of a profit. Farms and ranches can have losses for years and still not be a hobby.

The "five years" you are referring to comes from an election you may make on your tax return. If you make this election you must make a profit in 3 out of 5 years (2 out of 7 for race horses). Once this election is made you will be allowed to deduct all losses through the end of the 5 years, then if you have not made a profit in two of those years you are a hobby and all of those loses will taken back.

Why should anyone make such an election? All you've got to do is conduct yourself in a business like manner and have the reasonable expectation of making a profit.

If you think you know this stuff, you really don't know enough to understand what it is you do not know. GO FIND THAT FARMING AND RANCHING EXPERT TO HELP GUIDE YOU.

 

[Caustic Burno]

I think it is great my Family started cattle ranching in the 1860's. Starting from nothing with buying land, etc would be very hard now days. So not joining in on laughing at people trying their best. Just my two cents.

Its not becuase they are small every one has to start somewhere, its talking like they are King Ranch. I posted it a while back out of the Cattleman the average rancher in Texas is 25-30 head with most over the age of 50. It was some small percentage less 5 percent had over a 100.

 

[Crowderfarms]

I think it is great my Family started cattle ranching in the 1860's. Starting from nothing with buying land, etc would be very hard now days. So not joining in on laughing at people trying their best. Just my two cents.

Its not becuase they are small every one has to start somewhere, its talking like they are King Ranch. I posted it a while back out of the Cattleman the average rancher in Texas is 25-30 head with most over the age of 50. It was some small percentage less 5 percent had over a 100.

That's hitting the nail on the head CB.I've knoeople that have gone out and bought 50 head, and dont have the foggiest clue how to take care of one Cow. Another way to put it would be, If you are used to growing a few rows of Corn in your Garden , and suddenly you decide to plant a 100 acres. there's a big difference in maintaining what you are capable of, and what you're not. I hope I did'nt step on anyone's boots with my sarcastic reply,because I started out small once upon a time too, but there is some serious bragging in some posts that is rediculous.

 

[Caustic Burno]

I think it is great my Family started cattle ranching in the 1860's. Starting from nothing with buying land, etc would be very hard now days. So not joining in on laughing at people trying their best. Just my two cents.

Its not becuase they are small every one has to start somewhere, its talking like they are King Ranch. I posted it a while back out of the Cattleman the average rancher in Texas is 25-30 head with most over the age of 50. It was some small percentage less 5 percent had over a 100.

That's hitting the nail on the head CB.I've knoeople that have gone out and bought 50 head, and dont have the foggiest clue how to take care of one Cow. Another way to put it would be, If you are used to growing a few rows of Corn in your Garden , and suddenly you decide to plant a 100 acres. there's a big difference in maintaining what you are capable of, and what you're not. I hope I did'nt step on anyone's boots with my sarcastic reply,because I started out small once upon a time too, but there is some serious bragging in some posts that is rediculous.

Crowder 20 years ago a man could buy land in East Texas clear the timber to pay for the land and start out. Not today finding land with good marketable timber is rare and land prices are no longer 600 to 700 an acre. A tract of land behnd me with house sold the other day fro 350,000 thats about 50 acres with a 200,000 house. The guy wants to run cattle to make money he never will make money, you can't run enough cattle to pay that debt back on 50 acres.