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Non-Cattle Specific Topics
Every Thing Else Board
Drought verses Income Taxes
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<blockquote data-quote="cowboy43" data-source="post: 854325" data-attributes="member: 10124"><p>A lot of ranchers have sold out because of the drought, adding tens of thousands of dollars to your yearly income, depending on how many cattle are being sold, I have heard of some selling hundreds of head. At 30% tax charge that could add up to $300 a head income tax. I had to sell out in 2008 and it cost me a lot of extra tax, because the extra income way ouweights your deductions. How do you that are in this situation handle this situation :?: :help:</p></blockquote><p></p>
[QUOTE="cowboy43, post: 854325, member: 10124"] A lot of ranchers have sold out because of the drought, adding tens of thousands of dollars to your yearly income, depending on how many cattle are being sold, I have heard of some selling hundreds of head. At 30% tax charge that could add up to $300 a head income tax. I had to sell out in 2008 and it cost me a lot of extra tax, because the extra income way ouweights your deductions. How do you that are in this situation handle this situation :?: :help: [/QUOTE]
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Drought verses Income Taxes
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