Taxes

[Dave]

It was raining yesterday so I figured it was a good time to do book work. All of my 2023 cattle have been sold so I totaled up the cattle bought and sold and feed costs. Still have to do all the misc cost but they aren't going to be that much. I have a funny feeling that my accountant is going to be telling my I owe the IRS some money. I guess that is a good thing and a bad thing.

 

[1982vett]

It was raining yesterday so I figured it was a good time to do book work. All of my 2023 cattle have been sold so I totaled up the cattle bought and sold and feed costs. Still have to do all the misc cost but they aren't going to be that much. I have a funny feeling that my accountant is going to be telling my I owe the IRS some money. I guess that is a good thing and a bad thing.

Don't forget to factor in the tax savings you can get funding a tax deductable retirement account. ……….. ……… retirement is so confusing

Been updating our yearend estimates also.

 

[kenny thomas]

They will need your taxes and lots more to send overseas.

 

[Travlr]

It was raining yesterday so I figured it was a good time to do book work. All of my 2023 cattle have been sold so I totaled up the cattle bought and sold and feed costs. Still have to do all the misc cost but they aren't going to be that much. I have a funny feeling that my accountant is going to be telling my I owe the IRS some money. I guess that is a good thing and a bad thing.

Good and bad indeed... My best year I owed 48K before deductions, and after it was 18K. But I wrote the check gladly and wished I'd been able to every year.

 

[coachg]

Need to buy something ; new truck , tractor, baler , 4 wheeler ? That's what my tax lady always tells me .

 

[wbvs58]

I was going to write something about my situation but this being the WWW I thought it might be best to keep my mouth shut.

Ken

 

[Warren Allison]

I just had to write a check to the Feds for $6. 44, for 2023. Pissed me off. I do my corporate taxes by Sept 15th every year, and of course personal is due Oct 15th. I usually just go ahead and do my personal in Sept too. After the profit and losses from my S-Corps, I ended up owing $104, and my check cleared Sept 27. Thursday I got a notice from the IRS, saying I owed $3.12 in interest and $3.32 in late fees. I called them Thursday ( got through in 10 minutes, too). They said, even though I paid the $104 on or before Oct 15th, that I was supposed to have made quarterly payments of $26.00. I told her " How was I supposed to know that, since I didn't make that $104 until December last year!" She said she could send me some forms to appeal it, but I better go ahead and pay it, or interest and penalties would keep accruing. When I get those forms, I might send them in one cold rainy day when I am stuck in the house. I hate it if I have to pay 10 cents in federal!!!

December

 

[Brute 23]

Paying taxes is a good thing. People who brag about not paying taxes usually don't have a clue what they are talking about. They just think it's the cool thing to say to impress others.

 

[Travlr]

Need to buy something ; new truck , tractor, baler , 4 wheeler ? That's what my tax lady always tells me .

Acreage?

Depreciation on equipment is just another form of tax...

 

[Travlr]

Paying taxes is a good thing. People who brag about not paying taxes usually don't have a clue what they are talking about. They just think it's the cool thing to say to impress others.

I've never had a lot to complain about with what my taxes buy.

Of course there are some things I hear about that seem ridiculous. But right now I'd rather pay a few bucks more and see the national debt reduced. It was ridiculous twenty tears ago and nothing has improved.

 

[Dave]

Don't forget to factor in the tax savings you can get funding a tax deductable retirement account. ……….. ……… retirement is so confusing

Been updating our yearend estimates also.

A little late for a tax deductible retirement account. I am already retired.

 

[Dave]

I am an old retired guy with a few cows for something to do and to keep me busy. My total cattle sales for the year are well into 6 figures. These prices are nice and after years of practice I guess I have finally figured out how to make money with cows.

 

[simme]

A little late for a tax deductible retirement account. I am already retired.

My understanding - There is no longer (since 2020) an age limit that will prevent an ira contribution. Just need earned income. Earned income includes net income from self employment. I assume a person who buys and sells cows is considered self employed - even if they are "retired" and have income from pensions, social security, or investments.

 

[1982vett]

A little late for a tax deductible retirement account. I am already retired.

That's the confusing part…..are we really retired? Dang sure aren't setting on the front porch watching the world go by.

I'm with you on the tax deductable retirement. New game in town is drawing it down as tax efficiently as possible and to make it tax free to the kids.

 

[kenny thomas]

That's the confusing part…..are we really retired? Dang sure aren't setting on the front porch watching the world go by.

I'm with you on the tax deductable retirement. New game in town is drawing it down as tax efficiently as possible and to make it tax free to the kids.

I have worked way harder since i retired.

 

[Lucky]

Nobody makes money without paying the price. You can buy things to write off or just pay the tax. The government likes both. One way you put the money back into circulation, the other way the government puts it back into circulation. The real trick is to buy income producing write offs.

 

[wbvs58]

I am an old retired guy with a few cows for something to do and to keep me busy. My total cattle sales for the year are well into 6 figures. These prices are nice and after years of practice I guess I have finally figured out how to make money with cows.

Dave, in retirement your biggest expense can be entertainment, cows certainly keep us entertained and if you can make something out of them, all good.

Ken

 

[Caustic Burno]

Nobody makes money without paying the price. You can buy things to write off or just pay the tax. The government likes both. One way you put the money back into circulation, the other way the government puts it back into circulation. The real trick is to buy income producing write offs.

Write offs are a loser unless you need the equipment or whatever.
Spending 50K on a tractor to save 5K in taxes is a 45K loss.

 

[BFE]

Write offs are a loser unless you need the equipment or whatever.
Spending 50K on a tractor to save 5K in taxes is a 45K loss.

This is true. An extremely successful man I knew, he owned three oil production companies before he passed away, said the same thing. If you need it buy it, if it will make you more money than it costs buy it, but don't buy it just to save money on taxes. Good way to go in the hole.

 

[backhoeboogie]

Write offs are a loser unless you need the equipment or whatever.
Spending 50K on a tractor to save 5K in taxes is a 45K loss.

There was that year when the accountant told me I owed $165,000. Capital gains mostly. I wish it was that way every year.