We're 100% farm income from cattle and grain sales. We don't have to maintain a seperate checking account, but we do save every reciept and check stub to be able to show exactly what money went where and why.
Did Taxes Saturday,Declared Farm,got 3800.00 back!!!!
- Thread starter gmendoza
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Well we are not a hobby. On our licence it states:
Raising and selling of poultry and game fowl.
I dont "collect" poultry.
Raising and selling of poultry and game fowl.
I dont "collect" poultry.
Your tax refund sounds good to me. Have fun spending that money.
You guys go out to dinner and celebrate.
You guys go out to dinner and celebrate.
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If you don't make a profit on it the IRS will consider it a hobby...especially if you're using your losses with them to get more of a refund from your other income. Even being 100% farm I don't claim any of my chicken expenses and was advised not to by the CPA that does our taxes.
If you don't make a profit on it the IRS will consider it a hobby...especially if you're using your losses with them to get more of a refund from your other income. Even being 100% farm I don't claim any of my chicken expenses and was advised not to by the CPA that does our taxes.
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Personally I'd be putting it in a savings account so I'd still have it to pay back when the IRS comes knocking wanting it back.
Personally I'd be putting it in a savings account so I'd still have it to pay back when the IRS comes knocking wanting it back.
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Quote:
Personally I'd be putting it in a savings account so I'd still have it to pay back when the IRS comes knocking wanting it back.
Whatever.Ive explained it til I was blue in the face.
I have made and make profit.
If your too scared to do this,by all means dont.
Personally I'd be putting it in a savings account so I'd still have it to pay back when the IRS comes knocking wanting it back.
Whatever.Ive explained it til I was blue in the face.
I have made and make profit.
If your too scared to do this,by all means dont.
Quote:
Personally I'd be putting it in a savings account so I'd still have it to pay back when the IRS comes knocking wanting it back.
Whatever.Ive explained it til I was blue in the face.
I have made and make profit.
If your too scared to do this,by all means dont.
I'm not scared of doing it. I don't like paying taxes anymore than the next person, but I also don't think it's right working the system to get some money back. I wish they'd make some changes to what is allowed to be claimed as "farm" income or loss.
Personally I'd be putting it in a savings account so I'd still have it to pay back when the IRS comes knocking wanting it back.
Whatever.Ive explained it til I was blue in the face.
I have made and make profit.
If your too scared to do this,by all means dont.
I'm not scared of doing it. I don't like paying taxes anymore than the next person, but I also don't think it's right working the system to get some money back. I wish they'd make some changes to what is allowed to be claimed as "farm" income or loss.
WARNING: This thread will self destruct in 3......2..............
Go out and celebrate! After all, you can do it all over again next year with bigger returns!
any day that you get to keep more of your money and keep the government from spending more is a good day. just watch out for obama's 16000 new irs agents who will probably want to see some receipts.
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