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Beginners Board
Deal or no deal part 2: moving forward
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<blockquote data-quote="thatdoggJake" data-source="post: 722752" data-attributes="member: 13656"><p>recap: to purchase the herd of 60 and lease the 500 acres they are currently on.</p><p></p><p>Now that I am thinking about moving forwad to try to put a final deal together, how should I handle my money? I searched google and talked to a few local cowboys in the area, but I don't really think I am getting the best answers (aka I don't know how some people 'aren't' deep in with the IRS). My first option that I play in my mind would be to set up a seperate checking account for my cattle venture. This way I could keep all my money going out and all my money going in together. Also I figured if I had to pay for something cattle related and I forgot my checks for that account I could just pay another way and then pay myself back from that checking account (is that allowed???). My second thought would be to set up a LLC, but I have no idea if there are any advantages or disadvantages to this. </p><p></p><p>How are most doing it these days with a setup like I am looking at? I want to play by the rules and do it right.</p><p></p><p>Would I get to take a loss the first year since I purchased the cattle in the first year or is that not considered an expense you could right off? I probably need to get some help from a CPA with cattle knowledge but I figured I would pick the minds of you guys first : )</p><p></p><p>Thanks</p></blockquote><p></p>
[QUOTE="thatdoggJake, post: 722752, member: 13656"] recap: to purchase the herd of 60 and lease the 500 acres they are currently on. Now that I am thinking about moving forwad to try to put a final deal together, how should I handle my money? I searched google and talked to a few local cowboys in the area, but I don't really think I am getting the best answers (aka I don't know how some people 'aren't' deep in with the IRS). My first option that I play in my mind would be to set up a seperate checking account for my cattle venture. This way I could keep all my money going out and all my money going in together. Also I figured if I had to pay for something cattle related and I forgot my checks for that account I could just pay another way and then pay myself back from that checking account (is that allowed???). My second thought would be to set up a LLC, but I have no idea if there are any advantages or disadvantages to this. How are most doing it these days with a setup like I am looking at? I want to play by the rules and do it right. Would I get to take a loss the first year since I purchased the cattle in the first year or is that not considered an expense you could right off? I probably need to get some help from a CPA with cattle knowledge but I figured I would pick the minds of you guys first : ) Thanks [/QUOTE]
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Deal or no deal part 2: moving forward
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