Herefords.US
Well-known member
rocket2222":1olgah5v said:WichitaLineMan":1olgah5v said:All that other is not business expense, it is personal expense. Try deducting groceries on you schedule F sometimes.
And in my example on my stocker cow deal, I get the mineral as part of the $15 or $18 per month.
$18 per head per month includes salt, mineral, care.
Actually a lot of what you call personal expense can be deducted (or a % of it) as a business expense if the farm set up properly as a business. But that's just splitting hairs. Whether its a personal or business expense, if farming is your only income, they have to pay for it all one way or another. If all the cows had to do was show a profit on what they cost to keep, I'd be farming full time tomorrow.
As far a groceries go, you need a better accountant, last one I talked to said "feed" was a deductable item.
You DID know that WLM is an IRS agent in his DAY job, didn't you? :tiphat:
George