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| Took the snow day to go over some farm income info from the last few years. We have detailed/accurate figures for cash flow, balance sheet info, and change in net worth year over year (cash net income with the accrual adjustments), and of course our 1040 numbers for agi and taxable income.
How do y’all figure your take home pay?
I know that business income and expenses that are deductible are in one category, and that personal expenses, land payments, investments, income taxes etc. come from the “after tax” category. Good ole Dave Ramsey said if you don’t tell your money where to go, you’ll wonder where it went. How do figure how much “extra” money is available for living, saving, or investing? Do you move money to a separate account once the taxes have been paid on that amount?
Is there a good way to keep track year over year?
Any good book/podcasts on the subject?
Thanks. | |
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Take home income for farmers?
