| johnk - 12/24/2023 07:15
Seed, fertilizer, herbicide, fungicide, fuel, different combine, interest, any supplies that I can think of, repairs on 2 tractors and a kinze grain cart.
Bad part about all this prepaying ,after decades of farming ,is that you eventually create a taxable situation that you won’t escape. John, with proper planning ahead of retirement and calling the auctioneer, taxes can be greatly minimized, especially recapture and highly appreciated assets, including final grain sales. In actuality, the tax itself can be completely avoided, but the income stream will be somewhat diminished. You’re not going to recieve this advice from your CPA most likely, because very few are educated in,or capable of implementing, and then preparing the annual tax return for the trust. But the commonly held belief there is no escaping the tax man is simply not the case.Edit to add; Did the big Henry You bought from me knock down a good one yet? That’s a lotta whitetail medicine. I shot 2 really nice management bucks last weekend with my .41 magnum Henry lever action. Neither one made it more than 30 yards.
Edited by Boone & Crockett 12/24/2023 07:57
|
End of the year purchase
