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Paying taxes vs keeping the banker happy
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Hayinhere
Posted 12/24/2012 14:41 (#2773270 - in reply to #2773250)
Subject: RE: Paying taxes vs keeping the banker happy


Central NE

Are you going to keep your off farm Job next year?  If so, and assuming your Tax man is using 7 year depreciation on this years purchases already (you need to know and not guess)  then I would at least sell $15,000 worth yet this year but $30,000 would be better and $50,000 would be best - resulting in the least amount of taxes owed on your corn sales. IMHO.   You do not need to show a profit on your farm if you already are showing $35K in wages because your banker will see any profits on the income statements and balance sheets.



Edited by Hayinhere 12/24/2012 14:45
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