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| Rich I seen your post this morning and did some research for you. Had more fun doing that than working although it was a tough job. To help you save the most in taxes I did the following:
I found a politician that was a democrat (tough to find around here, especially elected ones!! P.s. that was the tough part, second was explaining about having to pay tax!!)
Two ways to go: Put it on schedule f form under EXSPENSES on line "Double D." That should put it under the category "client entertainment exspenses". Put the amount per bale at no more than $299.98 ber bale. this way it keeps it below having to fill out a 1099! thus you get the most write off. She will not have to claim as income. Win win situation for both. She pays no tax and you get big write off!!This is the long way of course.
Short way: List on schedule 179 as exspense for said above amount, without line "Double D." this won't show as entertainment exspense but saving should be the same.
Of course there is always the depriciate out over 6 years but she may not need bales for the next 6 years so that is kind of a gamble. Better take the write off while you can.
Don't worry about having to pay taxes, according to this guy, what they can't see, they can't tax. Now getting a reciept might be intersting, but she could write out a fake one for the above said amount as medial (physological) exspense (needing advise from Dr. Love) just in case she had to show same exspense to keep from paying tax in case of an audit.
Rich I hope this helps
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Ok Jakey..... tax question.
