Cattle, land and money.

[M-5]

Take me out of the "EVERYONE" part of that.

Cows have been good for me. Land has been better.

I told the tax lady yesterday that their is no money in cows and she still handed me a form to mail a check to the IRS on the 17th

Need a new tax lady.

I Guess its my fault for reporting more income than expenses . I guess i could be like a lot of other folks and hide it or just forget to report it. I really blame my Mama for raising me to do whats right . Its all her fault now that i think about it,

 

[Lucky]

I wonder what the majority of folks think cows should make? How much profit is acceptable per head? If buying land are cows supposed to pay for the land and the cattle? Cows have been good to me. I think it depends on how you count your money.

 

[backhoeboogie]

I wonder what the majority of folks think cows should make? How much profit is acceptable per head? If buying land are cows supposed to pay for the land and the cattle? Cows have been good to me. I think it depends on how you count your money.

"cows have been good to me" is simply how I feel. A nickel in my pocket counts as 5 cents. How many nickels I have in the bank is a private matter.

If I had not gotten in to cattle, I can promise you I wouldn't be set the way I am now.

The point is I am not one of the people saying there is no money in cattle. There's money to be made

 

[dieselbeef]

goats...more offspring..smaller version of cattle...10 times as many on same acreage..sell well here..100$ at 3 mos old....guys been trying to take me into it..said I could do 100 goats where I have 25 cows.

 

[Stocker Steve]

Take winters off and go visit CT members in much warmer areas.

Business travel as long as you talk cattle at some point...

 

[pdubdo]

I've thought about putting a little tiny home on my place and putting it on airBnb for people who want to play at homesteading like they see on tv for a weekend.

 

[jehosofat]

I've thought about putting a little tiny home on my place and putting it on airBnb for people who want to play at homesteading like they see on tv for a weekend.

I'm building one right now, should be done with it in the next couple of weeks. 1 bedroom, 1 bath, small living area, and a small kitchen, porches front and back, overlooks the entire farm. I'll post pics when I'm done.

 

[Brute 23]

Take winters off and go visit CT members in much warmer areas.

Business travel as long as you talk cattle at some point...

Not true.

 

[Stocker Steve]

Take winters off and go visit CT members in much warmer areas.

Business travel as long as you talk cattle at some point...

Not true.

You can't be my tax man.

 

[Stocker Steve]

Business travel as long as you talk cattle at some point...

Not true.

You can't be my tax man.
Next thing, you won't let me deduct buying drinks for other ranchers during a business meeting...

 

[herofan]

I told the tax lady yesterday that their is no money in cows and she still handed me a form to mail a check to the IRS on the 17th

Need a new tax lady.

I Guess its my fault for reporting more income than expenses . I guess i could be like a lot of other folks and hide it or just forget to report it. I really blame my Mama for raising me to do whats right . Its all her fault now that i think about it,

Not an expert here, but I've always been a little confused by the "loss" thing myself. A couple of years ago when my daughter started college, we filled out all the forms to see if she qualified for any financial assistance. Everybody told me that because I have a farm, we would get a lot of help. We were at orientation day with other parents and they passed out the financial forms that showed results, and having a farm didn't make a splash on ours, but there was a lady I knew well who is a farmer, and it seemed to work for her. We kinda scratched our heads a few minutes, and she said, "Of course, we always show a loss each year."

I don't know how or why to show a loss if I don't actually have one. My operation isn't big enough that I'm making a living from it, but I'm certainly making a little profit; if I weren't, how could I go on year after year?

 

[Brute 23]

Need a new tax lady.

I Guess its my fault for reporting more income than expenses . I guess i could be like a lot of other folks and hide it or just forget to report it. I really blame my Mama for raising me to do whats right . Its all her fault now that i think about it,

Not an expert here, but I've always been a little confused by the "loss" thing myself. A couple of years ago when my daughter started college, we filled out all the forms to see if she qualified for any financial assistance. Everybody told me that because I have a farm, we would get a lot of help. We were at orientation day with other parents and they passed out the financial forms that showed results, and having a farm didn't make a splash on ours, but there was a lady I knew well who is a farmer, and it seemed to work for her. We kinda scratched our heads a few minutes, and she said, "Of course, we always show a loss each year."

I don't know how or why to show a loss if I don't actually have one. My operation isn't big enough that I'm making a living from it, but I'm certainly making a little profit; if I weren't, how could I go on year after year?

It usually always hurts you because they look at your assets. Many farmers and ranchers are asset rich and cash poor.

That claiming a loss non-sense and people thinking they are playing games with the tax man is all non-sense. Most of them need to focus more on generating revenue and cutting costs..... less on trying to out smart uncle Sam.

 

[Aaron]

Need a new tax lady.

I Guess its my fault for reporting more income than expenses . I guess i could be like a lot of other folks and hide it or just forget to report it. I really blame my Mama for raising me to do whats right . Its all her fault now that i think about it,

Not an expert here, but I've always been a little confused by the "loss" thing myself. A couple of years ago when my daughter started college, we filled out all the forms to see if she qualified for any financial assistance. Everybody told me that because I have a farm, we would get a lot of help. We were at orientation day with other parents and they passed out the financial forms that showed results, and having a farm didn't make a splash on ours, but there was a lady I knew well who is a farmer, and it seemed to work for her. We kinda scratched our heads a few minutes, and she said, "Of course, we always show a loss each year."

I don't know how or why to show a loss if I don't actually have one. My operation isn't big enough that I'm making a living from it, but I'm certainly making a little profit; if I weren't, how could I go on year after year?

Every few years, you make a small profit, not large enough to be taxable at any rate, to keep yourself considered by the tax man as a 'legitimate farm'. The other years you spend 'er all and make sure you stay away from things you can't claim. Groceries are one necessary evil you can't claim. Nobody hates paying income tax more than farmers. Always shocked to meet those that do, because they are few and far between. A good accountant is worth his weight in gold, and some really know how to push the boundaries. I do drop the ball at times as I don't claim all of my vehicle fuel, because I would need to carry a log book to prove every trip is a business trip.

 

[TexasBred]

It's not so much about outsmarting Uncle Sam as it is about legally using the tools he allows you in the income tax code.

 

[True Grit Farms]

I Guess its my fault for reporting more income than expenses . I guess i could be like a lot of other folks and hide it or just forget to report it. I really blame my Mama for raising me to do whats right . Its all her fault now that i think about it,

Not an expert here, but I've always been a little confused by the "loss" thing myself. A couple of years ago when my daughter started college, we filled out all the forms to see if she qualified for any financial assistance. Everybody told me that because I have a farm, we would get a lot of help. We were at orientation day with other parents and they passed out the financial forms that showed results, and having a farm didn't make a splash on ours, but there was a lady I knew well who is a farmer, and it seemed to work for her. We kinda scratched our heads a few minutes, and she said, "Of course, we always show a loss each year."

I don't know how or why to show a loss if I don't actually have one. My operation isn't big enough that I'm making a living from it, but I'm certainly making a little profit; if I weren't, how could I go on year after year?

It usually always hurts you because they look at your assets. Many farmers and ranchers are asset rich and cash poor.

That claiming a loss non-sense and people thinking they are playing games with the tax man is all non-sense. Most of them need to focus more on generating revenue and cutting costs..... less on trying to out smart uncle Sam.

If every major financial decision we make is tax driven. It's easier to keep what money you have than to try and make more.

 

[skyhightree1]

It's not so much about outsmarting Uncle Sam as it is about legally using the tools he allows you in the income tax code.

I agree. Even the old POTUS uses loopholes to his benefit so if its on the books and you can use it why not ?

 

[skyhightree1]

One thing to remember not starting an argument is that... Seriously some folks farm as a hobby and no matter what they lose they keep going..

 

[backhoeboogie]

Every few years, you make a small profit

Guess I never figured that part out. I had a small loss one year.

 

[shaz]

I don't get the losing money thing either. I typically have 40-50 mama cows and spend around 8-11K every year.

 

[TCRanch]

What about oil, gas &/or wind farm leases? Still a lot of drilling in my area & wind farms are going up all over the place. The previous owners of our ranch sold fishing leases (we have a fully stocked watershed lake) and hunting leases. Sell your hay/poo muck piles. Just thinking outside the box . . .