Posted 12/18/2010 18:46 (#1493529 - in reply to #1493506) Subject: RE: US Tax code trashed, new forms available: check these out.
Texas/New Mexico Stateline
wheat farmer - 12/18/2010 17:40
WAKE UP, YOU ARE STILL DREAMING.
Now that I got your attention, how much new iron, or for that matter, better used iron will you buy with those type of tax forms? 15% of gross income would be a bit tough for some farmers to swallow. Considering 300 acres of 100 bushel corn is 30,000 bushels at $5 a bushel becomes $150,000 with a tax bite in your form of $18,750.
You can back to sleep and dream about that little number.
Notice on the Self-employed it is NET income, still have to file supporting schedules pertaining to your tax situation with all the complexity therein.
US Tax code trashed, new forms available: check these out.
