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Buxton ND | I'm gonna stick with 1947 on this one.
So we want to keep sec 179 so you can spend money on paint you didn't/don't really need (YES this has/WAS happening) just to TRY to buy your way out of tax's on income that you don't really now have with the poor prices,,, on grain that hasn't really been sold and sitting in the bin because you still $5 bullish ? Am I reading this right ?
THIS GOT MANY IN TROUBLE BACK IN THE 1970's/80's it was called 10% investment credit.
ONLY difference,,, we couldn't quick like write off bins/shops/shed's and TILE.
IF you think you can "buy your way out of tax's" your heading into a steep learning curve.
IT WAS PROVEN BACK IN THE 1970'S YOU CAN NOT BUY YOUR WAY OUT OF TAX'S. You may "think" you can and ya you can do it for awhile but like I said YOU CAN NOT BUY YOUR WAY OUT OF TAX'S.
The real learning curve is when your using after tax dollar's to make payment on paint that one already has fully 179'd. If you don't think has happened ALOT your living in La La- Land. Side-note this will take many many more bushels to make that same payments. Side note #2 the commercials/end users already know this*****
The RUDE/NASTY learning curve part, is when the bank sells you out ALL what's left is a nasty nasty tax bill made worse by Sec. 179. If you don't think will happen,,, ITS HAPPENING RIGHT NOW. Had a good friend and older hunting bubbly that lived this in the early 1990's and you would not believe some of the stuff the banker tried to pull.....
If you think I'm blowing smoke, HISTORY HAS PROVEN THIS CORRECT*****
Toss a divorce into this mix,,,,, I better not even go there.
YAAAA, that was alittle blunt and alittle rude but its called life of a farmer in the boom/bust cycle's. We've had many since 1900***** CASH WILL BE KING. Back in the 1930's,,, I know acouple very very wealthy farming family's that made their millions back in the 30's because CASH WAS KING. I could go on but thinkin that's enough of a early morning rant.
THERE ONE BIG DIFFERENCE HERE THOUGH or maybe should say "said to be" has to do with FLB/PCA and it makes my blood boil to this day, Tara shhhhhhhhh for awhile :o) | |
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179 deduction - email your Congressman/Senator
