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West Tennessee | $100 worth of grain less $5.00 in dockage, checkoff etc. net's a check for $95.00 Most people would just show the $95 as income and then subtract all the other expenses (fuel, chem, fert, etc..........) from that. If someone else chooses to show the $100 as income and then deduct the $5.00 as expense with all their other expenses that's fine but the bottom line number is the same. I understand it's probably not 100% accurate (you actually wouldn't be showing the dockage and checkoff as an expense line item), but in real life that's the way it's done most often I think. As someone else said, they didn't feel like the results were worth the effort of keeping up with it. I wouldn't call either way "wrong". So I guess the point of my response was either way will work. Kinda decided by how detailed a person wants to be. | |
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Stupid Tax Question
