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Non-Cattle Specific Topics
Coffee Shop
Cattle Passion/Money
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<blockquote data-quote="hurleyjd" data-source="post: 1423589" data-attributes="member: 4674"><p>The only ones making money is the fertilizer dealer, feed dealer, equipment dealer. Oh yeah you can be in the business to save on income taxes. But you have to spend a lot of money to lose a lot of money. Example several years ago when I was writing the check for $18000 for income taxes. I asked the CPA what my tax bill would be if I did not have $27000 in farm losses. He crunched the numbers and came up with about $1600 more in taxes. So I spent $27000 dollars to save $1600 makes sense but I am still trying to save on taxes. I am grazing the hay meadow this year and plan to sell all of the cows.</p></blockquote><p></p>
[QUOTE="hurleyjd, post: 1423589, member: 4674"] The only ones making money is the fertilizer dealer, feed dealer, equipment dealer. Oh yeah you can be in the business to save on income taxes. But you have to spend a lot of money to lose a lot of money. Example several years ago when I was writing the check for $18000 for income taxes. I asked the CPA what my tax bill would be if I did not have $27000 in farm losses. He crunched the numbers and came up with about $1600 more in taxes. So I spent $27000 dollars to save $1600 makes sense but I am still trying to save on taxes. I am grazing the hay meadow this year and plan to sell all of the cows. [/QUOTE]
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