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Ruby Lou
Senior Contributor

Taxes

Today is the day, we need to make some more purchases of some nature. I have been pushing the figures this morning. It is either spend more money to lower the taxes or just pay the tax and keep the expenses for next year. We would spend more money to lower the tax than the differance in the taxes would be.  I vote we pay the @#$% tax.  Uncle Sam will make out like a bandit on us this year.  And we are small farmers.

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10 Replies
turkey feather
Senior Contributor

Re: Taxes

But what is in store for next year?

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Re: Taxes

Went through that earlier this month. You had to mention that awful word!
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Re: Taxes

We will be helping out Uncle Sam too.   Spent until it hurt  but you just can't spend that much.    But,  our fields are very well fertilized.  With good weather we will need to build new bins.   (Ah,  expenses for next year)

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ND Farmer 1
Frequent Contributor

Re: Taxes

I guess i have a different view on paying taxes.  Im happy when i have to pay, it means that i have made money. The govt rewards you fof being successful lol....

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Shaggy98
Senior Advisor

Re: Taxes

I agree ND.  Just to bad we have a bill to pay for showing success.

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Kay/NC
Honored Advisor

Re: Taxes

The total chaos in DC makes it even harder to choose wisely this year.  On the outside chance that income taxes will rise next year, smart money would shift income to 2012, and expenses to 2013, right?  

 

Of course, we won't know until it is too late, will we? 

 

Our operation doesn't allow for as much forward purchasing as ypu folks with crop inputs and your own feed bills can do.  We tend to just muddle along, taking taxes in stride year after year.  

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linda/IL
Senior Contributor

Re: Taxes

Unfortunately, I'm way behind and not too sure where we stand.  But with being on social security for the first time this year, we were in a different stage.  We never sell our corn but use for the livestock.  However, with the drought we had income from the crop insurance for our loss so we bought corn and tried to pay more.  Today I made a flying trip to pay a farmer who hadn't gotten his bill for baling hay to us so we could get it off this years taxes.

 

I wouldn't mind paying so much if I thought that the money was wisely spent through Washington.  We won't go there. . . . . .

 

Had the most overused words or phrases of the year on the news this morning and #1 was "fiscal cliff".  LOL

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Kay/NC
Honored Advisor

Re: Taxes

Mike tells me that we fell off the fiscal cliff at midnight, and yet, the sun still rose this morning.  Sort of feels like getting up on December 22nd all over again, doesn't it?  

 

With the running for funeral stuff, I didn't look at our situation so hard, as all of you seemed to be doing.  I did take a few minutes to send a couple of electronic payments on Sunday, before we left the farm for VirginIa.  

 

I mostly just wanted all the bills off my desk, so I could focus on family for a couple of days.  I try to pay them every week, or at least within the week that they arrive.  Often now, it appears that I can go 2-3 weeks without having to open the bookwork program.  

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turkey feather
Senior Contributor

Re: Taxes

The package is not yet done. There will be another vote today at 3:00, I believe.

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