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Do you pay income taxes?
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Boone & Crockett
Posted 2/16/2019 20:59 (#7325497 - in reply to #7325455)
Subject: RE: Do you pay income taxes?


Buck S - 2/16/2019 20:37

5 Head - 2/16/2019 13:18


If you want to buy land you have to pay taxes as far as I know.

My 2 cents.



This is the assumption I am working under. Wife and I have averaged a 6 figure tax bill the last two years combined with a mountain of medical bills from the last 4 years. 2017, was a stellar year for me (non farming) and I differed as much as I could possibly find into 2018. Now that the rates came down and I got the 20% deduction in 2018 it really makes me cringe looking at how much I paid in from 2017. I figured I would eventually have to pay a bunch of tax if I want to buy farm ground. Plan now is to buy that first farm and make investments in tile and storage. When that's done I will go after some upgraded machinery and a couple more farms. I should really be able to put a dent in my tax liability going forward cause I will need to make a whole bunch of tax deductible purchases.

I would be more than happy to pay a couple 100k in taxes again over the next 5 years cause that would be a sign things are going strong for me. At the same time nobody despises paying taxes more than I do.
Buck, You are a prime candidate for a defined benefit plan. You’ll get the tax bill down pretty good, and be paying yourself handsomely. This plan will be a big time storehouse of your past labor, to be unleashed at some point in the future.
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