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TAX BREAK FOR CATTLE
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<blockquote data-quote="HerefordSire" data-source="post: 615946" data-attributes="member: 4437"><p><em>Do not hesitate to try to get all the taxes you paid in, as the result of your off farm job, back in the form of a non-interest bearing refund (they (we) are making money off of your money without having to pay you interest). Anything you shell out for generating income for your farm can be deducted against all income produced by the farm, if any. Watch for 5 years in a row of showing losses (red flag?). This amount is then consolidated in the 1040 from and deducted from your job income. In the initial years, the idea is to have enough expenses to receive 100% of your paid in taxes from your job. This increases cash flow. However, always be honest, and NEVER attempt to deduct any expense you are not worthy of and NEVER hide any income you produced. What will eventually happen, is the IRS (us) will get half of everything you are worth when you die if over a threshhold amount. Therefore, they (we) are willing to help you get established and make them (us) money.</em></p></blockquote><p></p>
[QUOTE="HerefordSire, post: 615946, member: 4437"] [i]Do not hesitate to try to get all the taxes you paid in, as the result of your off farm job, back in the form of a non-interest bearing refund (they (we) are making money off of your money without having to pay you interest). Anything you shell out for generating income for your farm can be deducted against all income produced by the farm, if any. Watch for 5 years in a row of showing losses (red flag?). This amount is then consolidated in the 1040 from and deducted from your job income. In the initial years, the idea is to have enough expenses to receive 100% of your paid in taxes from your job. This increases cash flow. However, always be honest, and NEVER attempt to deduct any expense you are not worthy of and NEVER hide any income you produced. What will eventually happen, is the IRS (us) will get half of everything you are worth when you die if over a threshhold amount. Therefore, they (we) are willing to help you get established and make them (us) money.[/i] [/QUOTE]
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TAX BREAK FOR CATTLE
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