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Profit from cattle?? Where is it?
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<blockquote data-quote="Brandonm2" data-source="post: 460675" data-attributes="member: 2095"><p>IF YOUR farm lost $50,000. Your real job paid $100,000, then added up you have a net taxable income of $50,000 so pay (Very roughly) $18,500 in taxes. Turn it around and that means you have $31,500 to live on. IF you had no farm and farm loss you would have paid DOUBLE the taxes; BUT you would have had $63,000 to spend (or invest). Now ideally you would make $50,000 on your farm. You would pay an exorbitant $55,500 in taxes; BUT you would have $94,500 to spend. And yes I do know that moving between brackets can (and will) change these numbers somewhat.</p></blockquote><p></p>
[QUOTE="Brandonm2, post: 460675, member: 2095"] IF YOUR farm lost $50,000. Your real job paid $100,000, then added up you have a net taxable income of $50,000 so pay (Very roughly) $18,500 in taxes. Turn it around and that means you have $31,500 to live on. IF you had no farm and farm loss you would have paid DOUBLE the taxes; BUT you would have had $63,000 to spend (or invest). Now ideally you would make $50,000 on your farm. You would pay an exorbitant $55,500 in taxes; BUT you would have $94,500 to spend. And yes I do know that moving between brackets can (and will) change these numbers somewhat. [/QUOTE]
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Profit from cattle?? Where is it?
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