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Hobbyfarmer
Honored Advisor

TID BITS

Final part of the Syngenta corn fiasco pmt showed up today.

Yes I am depositing it.

Small compensation for all the shenanigans the Chicoms pulled (and are continuing) over the years.

Approx 12.45 cents a bu on part of several years production.

I can afford to farm another couple weeks here in Jan.

I'm sure I'll get a tax form showing it as 2020 imcome

BTW , they dated the check 12/30/20 

I recieved it today 01/09/21.

 

Then there is the PPP loan/grant thingie.

Many in the area are getting notices they have been forgiven.

Tax free... Just a gift.

Then seems there have been some more retroactively applied changes. If you as a sole proprietorship the amounts have changed to the upside based on gross income not net, and can show reduced income in one quarter of '20 compared to '19.

Some might want to check it out.

Just gross income, do not have to show a profit to qualify.

2020 the gift that keeps giving.

 

.

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12 Replies
BA Deere
Honored Advisor

Re: TID BITS

Maybe it is a "gift" to be able to claim the Syngee check in 2020 at the lower Trump rates?  The Biden spending promises and higher taxes are coming, I`m a glass half-full kinda guy  Smiley Happy

I know of a couple guys who sold corn late December, because in figuring taxes, the call was for "more income!" in 2020 ..that has always been foreign to me, I`m usually scrambling to sweep income under any rug I can find  Smiley Happy  It was surprising that the one`s tax preparer told him he had "lost money too many years" and needed some points on the scoreboard or he`d be at a "high risk of an audit"...Yikes! 

With the higher prices and "Trump money" why would one need to pull more money into 2020?

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unlgrad
Senior Contributor

Re: TID BITS

I also received my payment today and it also was sent out Dec. 30th.  Just figuring it for 2020 income.  We all had to fill out W-9's.   I wonder if it was all payed out.  Hard to imagine that it was.  Glad to get the payment.

Hobbyfarmer
Honored Advisor

Re: TID BITS

 

Hard Times make Strong Men

Strong Men make Good Times

Good Times make Weak Men

Weak Men make Hard Times

Can you guess where we are in this circle?

 

 

 

When you find your self in a hole,first thing to do is throw away that shovel.

 

 

When you get to the end of your rope tie a knot and hold on.

 

 

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BA Deere
Honored Advisor

Re: TID BITS

I would say we`re entering the weak men, hard times period.  It depends on if we`re talking politically, business or farming, the 3 areas overlap so much.  Farmers generally speaking have remained strong, got lean and mean, no powder puffs remain, however we received a lot of Covid relief money, that I honestly don`t know if many of us needed.   If you had your niche of making it with $3 corn $9 beans, then got Covid money and corn jumped to $4 and $10 beans, 2020 was a very good year then.  But 5 years in the making.

Politically and businesses, some businesses are done and won`t come back.  Politically (which affects us all more than ever) sending out checks and $30 Trillion national debt and promises, promises.   Taxes and interest rates are hard times ahead. 

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k-289
Senior Advisor

Re: TID BITS

Now  the  violins can  re-start on  the  deficit  spending  charade  music  - - -  

unlgrad
Senior Contributor

Re: TID BITS

  Not everybody had a good crop, when you take out 70-75 insurance level, most times it keeps you in business for another year, but if you just had a yield with a small claim, you definitely needed any bonus money that you got this year.  If you are in a tight situation, even 80% coverage may not cover all your expenses.  So many different situations out there.  

Hard times is when many older farmers decide to retire, why take a hit on what you have built.  I think we all have seen someone farm too long and not much to show for a life of work.  A lot of times it is health related and the golden years are not so golden.

BA Deere
Honored Advisor

Re: TID BITS

I believed $20 Trillion ago the national entered the unpayable zone...the last 20 years has been watching the water pot waiting for it to boil, it`s taken 10 years longer than my most optimistic projections.  And it may go another 20 years, who the hell knows?   Like drilling a hole in the lake ice and it`s 4" thick....sure, let`s see how close we can fish next to the open water aerators. 

But going forward farmers go back to low man on the totem pole, somewhere behind free college, free healthcare and reparations.   So we better salt away some of that Uncle Sugar money, if you still have it.

sw363535
Honored Advisor

Re: TID BITS

Every time the killing stops the survivors crawl out of the hole and say it was worth it,”I am stronger, better, ready for the next battle” as they pick over the remains of those gone.  So it goes in farming regarding hard years and ego.  

The looser in 2020 was the rural economy.  Even the burned cities will get their bailout.  China & High tech expands its midwestern beach head with bases in strategic locations prepared to milk every peasant in the biggest monopoly move in US history—as Earnie Ford fades the song with “ I owe my souuuul..... to the company store” 

k-289
Senior Advisor

Re: TID BITS

What  better  timing  to  introduce  Bankruptcy Chapter  2020 - 21 ,  with  the  current  administration  in place , to make these additions ,  As  I am  being  contacted ,  at  this  very  moment,  by the "" R  N  C """ ,  asking  for  a  donation  to  head  off  legislation  that  will  address  ''' sky  rocketing '''  spending  due  to  the  election  results   - ? ? ? 

"""""  UN- BELIEVABLE  """   -  then  again ,  why would  I  expect  anything  different ,  and  I  am  CON-sidering   a  $mall  pledge - Smiley Wink 

I  could  use  your  $O.02  on  this ,  while  the phone, robo -call  recording  repeats  HELLO  -  HELLO, are  you  there - ??? 

Meanwhile,   the  double stacks containers( TTX),  continue  their  rail journey ,'' East Bound '' out of the  Port of Long Beach, California at a '' brisk  rate '' ! ! ! !

$65.oo  /  head  for  feedlot  inventory,   being the ''' remains ''' -  maybe  ?  ?   

   

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