Farming and Taxes

[TexasBred]

It's amazing how many people will buy stuff to lower their taxes but won't fund a ROTH or SEP. :roll: That's the best way to lower you taxes and keep you money.

Thats the spill they give you anyway...defer the taxes to later when you will "supposedly" be in a lower tax bracket because of lower income....in the meantime 25 years go by and tax rates double. Damed if you do and damed if you don't.

 

[Stocker Steve]

My farm truck has 278K, so no I have not been buying equipment for 179 write offs. I have been buying a lot of lime, cross fencing, and cows. I think they are investments - - but rapidly increasing forage production can be a viscous cycle. Once I am fully stocked I may need to by a big boat (to cross the creek in my pasture). or an Ice Castle (to warm up between calves).

 

[Brute 23]

It's amazing how many people will buy stuff to lower their taxes but won't fund a ROTH or SEP. :roll: That's the best way to lower you taxes and keep you money.

Thats the spill they give you anyway...defer the taxes to later when you will "supposedly" be in a lower tax bracket because of lower income....in the meantime 25 years go by and tax rates double. Damed if you do and damed if you don't.

If our tax code doubles they will not be offering the Roth in the same form. Any money already in the Roth will be grandfathered in so that's even more reason to max them out right now.

The big advantage is you get to earn the interest for all those years on the tax dollars. That is a big deal. If it gets worse... we were all screwed any ways... if it gets better you came out on top.

 

[TexasBred]

Now Brute I know you probably got that advice from a very honest politician somewhere who told you we had nothing to worry about. ;-) :mrgreen:

 

[Jogeephus]

Yeah, our government has never changed the rules in the middle of the game. Never. :bang:

 

[backhoeboogie]

Yeah, our government has never changed the rules in the middle of the game. Never. :bang:

If he nationalizes it, 401K, IRAs, and everything else goes down. I really hate Uncle Sam holding any claim to my savings or retirement accounts.

 

[Jogeephus]

I believe in putting my eggs in as many baskets as I can and I'll do the gov't things when it reduces my tax exposer but otherwise I'd rather not have the strings attached.

 

[Brute 23]

Yall know all those emails yall get are chain letters and not true right... :mrgreen:

 

[TexasBred]

Yall know all those emails yall get are chain letters and not true right... :mrgreen:

:lol: :lol: That's all I ever get. Still open every one. Haven't had any good luck by dark by forwarding any of them to 20 more people either.