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Advisor

Re: Good News! 2017 Net Farm Income to Rise

I also would bet you used your tax reduced cash for other purposes other than paying off that debt of new machinery. Happens all the time.
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Honored Advisor

Re: Good News! 2017 Net Farm Income to Rise

Smokey, I do not think much of the sec 179 deduction, because in a way my first bad year was 2013, I found the "dead canary in the mine shaft" that year if you will and quit buying and that kind of saved my hide or I may`ve dug a hole so deep I`d never been able to crawl out.

 

Oh I know some will argue "sec 179 is just a tool...don`t borrow money to buy deductions" and I get that, however those that talk that way are already independently wealthy and just dip into their personal stash for a deduction when needed....it`s not for the poor trying to build their stash, I`ll tell you that.

 

But my point in relaying the story in this thread is after most of us "farming for practice the last 3 years, a lot of these chickens will be coming home to roost.   Farmers too broke to keep "buying deductions" while still making payments on their past sins.....with "after tax dollars" just to rub some salt on things.

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Senior Advisor

Re: Good News! 2017 Net Farm Income to Rise

M A G A  might be keeping one nostril above the white caps - in farm country ---

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Honored Advisor

Re: Good News! 2017 Net Farm Income to Rise

Well, if there`s any "blame" to go around, it`s all on me, no one forced me to buy anything, in the 2010`s you had to hunt down a salesman and beg him to sell you something.  But if we want to blame presidents, the Make America Weak Again  "MAWA" president was actually in his second term when things started going south.

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Honored Advisor

Re: Good News! 2017 Net Farm Income to Rise

I appreciate that comment BA.

 

After all as Smokey points out it is a choice and tough years are bad no matter how you deal with the issue..... You either pay taxes or pay for overpriced equipment with cheap grain............ it hurts either way...

I just wish congress didn't make taxes look so stupid.  Smiley Happy

And equipment was worth what it costs.

 

 

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Honored Advisor

Re: Good News! 2017 Net Farm Income to Rise

Hey SW, life is about having fun and the challenges of weather and markets are all part of it.  I had fun during the awesome 5 years when any idiot could make money farming and now when the men are separated from the boys, things are tough, but we have to be tougher.  We may never have another golden era in farming in our lifetimes or ever, but "on the 8th day, God made a farmer" and this is what we love.  Smiley Happy

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Honored Advisor

Re: Good News! 2017 Net Farm Income to Rise

Occasionally I keep pretty good records and we talk about that golden era when any idiot could make money farming.....

 

Yesterday I remembered a bean yield from a farm that stuck in my head being pretty good crop, my son remembered it as 2012 when the drought yield got hammered to 20 bpa.  We often miscommunicate......... 

 

I went looking at the records..............a move that will be interpreted as putting him down.    ---- 

The year I remembered was 2004

Beans were 36 bpa and never got any irrigation help.  Wheat was 70,  And the corn which got most of the irrigation was 237 bpa

the beans were gravy.

 

we sold the corn that year for $2.80.    The net return (after all expenses including rent) on that corn field was $245 per acre

 

That is how low the expenses were  only 13 years ago...... that is my golden era...... 2003-2008  when you could afford to farm.

 

It is hard to love it when the $3.40 price is not enough.

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Senior Advisor

Re: Good News! 2017 Net Farm Income to Rise

BA - Remember  M A G A  came from  R.Reagan  - fact check for the record , and on the 8th day several professions were created, I am humbly reminded of when the Dodge commercial comes on by my retired nurse- spouse---

 

Those Sunday afternoon parades seem to get shorter and shorter --- 

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Advisor

Re: Good News! 2017 Net Farm Income to Rise

BA, Obama actually presided over the recovery of the 2007 recession.
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Honored Advisor

Re: Good News! 2017 Net Farm Income to Rise

0% interest rates, $80 billion a month in quantitative easing ....give me $1 Trillion a year and I`ll show you a good time too.  But that`s just it, it was the weakest recovery in history, it did prop up the stock market though.  When Obama started the national debt was $10 Trillion, when he threw the keys to Trump, it was $20 Trillion. 

 

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