Menu
Forums
New posts
Search forums
What's new
New posts
New media
New media comments
New profile posts
Latest activity
Media
New media
New comments
Search media
Members
Current visitors
New profile posts
Search profile posts
Log in
Register
What's new
Search
Search
Search titles and first posts only
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Forums
Cattle Boards
Beginners Board
Receiving Cattle as a Gift
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Help Support CattleToday:
Message
<blockquote data-quote="Douglas" data-source="post: 704917" data-attributes="member: 8840"><p>"Just remember that anytime someone takes a deduction from his taxable income, Uncle Sam expects someone else to report Income in that amount.</p></blockquote><p>"</p><p></p><p>The exceptions to this rule is critical to understand. The only expenses that are deductible are business expenses and a few others (mortgage interest, charitable contributions etc.). The way many small business survive is by putting cash received in their pocket and not report it. The key is that the person paying you is not deducting that payment. People buying food at a restaurant, hobby farmer with a horse pasture paying someone to mow it or spray it. Since these are not business expenses and are not deductible expenses there is no paper trail. Freezer beef has no trail, corn maizes, roadside produce, etc. when paid in cash.</p><p>I am not saying it is right to not report these things just that it is hard for the IRS to track except by looking at your overall lifestyle, which should always be similar to your income.</p><p>[/QUOTE]</p>
[QUOTE="Douglas, post: 704917, member: 8840"] "Just remember that anytime someone takes a deduction from his taxable income, Uncle Sam expects someone else to report Income in that amount.[/quote]" The exceptions to this rule is critical to understand. The only expenses that are deductible are business expenses and a few others (mortgage interest, charitable contributions etc.). The way many small business survive is by putting cash received in their pocket and not report it. The key is that the person paying you is not deducting that payment. People buying food at a restaurant, hobby farmer with a horse pasture paying someone to mow it or spray it. Since these are not business expenses and are not deductible expenses there is no paper trail. Freezer beef has no trail, corn maizes, roadside produce, etc. when paid in cash. I am not saying it is right to not report these things just that it is hard for the IRS to track except by looking at your overall lifestyle, which should always be similar to your income. [/QUOTE]
Insert quotes…
Verification
Post reply
Forums
Cattle Boards
Beginners Board
Receiving Cattle as a Gift
Top