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<blockquote data-quote="Jogeephus" data-source="post: 750167" data-attributes="member: 4362"><p>I got a phone call from my accountant today forewarning me of my tax liability. Unfortunately I was a little under the weather just before year end and worrying about this type stuff was the last thing on my mind. Unfortunately I'm going to owe a tidy sum on top of what I've already paid in thanks to the cattle. I sure could use a new grain drill a new barn or several other things on my want list but I played it conservative and frugal so it looks like the gov't will be getting the grain drill and not me. How do you deal with stuff like this? Prepay fertilizer bills, buy equipment. Trade in older stuff? I'd appreciate any ideas. Oh, the good news is my accountant said that I don't have to worry about being considered a hobby farmer in the eyes of the IRS. :help:</p></blockquote><p></p>
[QUOTE="Jogeephus, post: 750167, member: 4362"] I got a phone call from my accountant today forewarning me of my tax liability. Unfortunately I was a little under the weather just before year end and worrying about this type stuff was the last thing on my mind. Unfortunately I'm going to owe a tidy sum on top of what I've already paid in thanks to the cattle. I sure could use a new grain drill a new barn or several other things on my want list but I played it conservative and frugal so it looks like the gov't will be getting the grain drill and not me. How do you deal with stuff like this? Prepay fertilizer bills, buy equipment. Trade in older stuff? I'd appreciate any ideas. Oh, the good news is my accountant said that I don't have to worry about being considered a hobby farmer in the eyes of the IRS. :help: [/QUOTE]
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