Tax question

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tncattle

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In another thread we were talking buying feeders and reselling them and other cattle as well. Anyway, for example if you bought 20 whatevers at a sale for X amount of $. Do you pay taxes on that? If the cattle business like everything else, taxed beyond belief?
 
You pay tax on your PROFIT, if there is any. After fuel, vehicle, insurance, fences, buildings, and a million other costs that go into the equation.
 
tncattle":2n1yueu5 said:
In another thread we were talking buying feeders and reselling them and other cattle as well. Anyway, for example if you bought 20 whatevers at a sale for X amount of $. Do you pay taxes on that? If the cattle business like everything else, taxed beyond belief?
Most if not all ag business do not pay sales tax on items purchased for the ag business. So I'm 99.9% certain no sales tax paid.
 
Sorry I figured you pay on any profits. I can't believe our tax happy government doesn't tax the purchase as well, they probably will one day.
 
To Make A Quick Profit Or Break Even Try To Have A Game Plan Expenses ( Meds,Feed,Gas,Time, Animals) To Make Any Money Or Break Even Keep Over Head DOWN After You Made You Plan Stick To It
 

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