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Income...this Year or Next
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OntarioCanuck
Posted 11/10/2012 09:05 (#2688921 - in reply to #2687871)
Subject: RE: Income...this Year or Next


North of London
I know you are talking of a specific situation but..........

My accountant and I have always tried to keep income at a medium level, just below the next tax rate higher.

At least in our country Canada Pension is based on income, and the contributions you make to it, so keeping income up allowed me to contribute through the years and when I turned 65 had a nice bit of pension coming in each month.

It always seemed better to pay some tax and get to 'use' the money I earned rather than be forced to bury it back into more farming.
There will be a day of reckoning sometime and if everything is pushed forward then taxes will be paid at high rate on the high amount.

There is a good argument for buying inputs or delaying selling when the farm is still trying to gain capital but you have to keep personal expenses down to that low level of income too or there will still be a cash problem.

If you want to spend the money on yourself then you have to pay the tax on it just like the wage earner in town.
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