Taxes or tax writeoffs? Do any of yall do it?

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nick blough

nick blough

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Looking for any ideas or suggestions to help with taxes. I have been saving receipts for a little while now but hoping to figure out how to write some stuff off after next year. We currently have a small homestead, we are still starting off but currently have 4 feeder pigs, a horse, 2 pot belly pet pigs, 4 dogs, about 50-60 yard chickens and plan to raise a few bottle calfs next year. Though we are not profitable this year we plan to expand next year and hopefully break even. I have one pig going to the processor soon that will go in our freezer and will have another ready in the spring that can be sold, hoping to hreed the other 2 females to sell feeder piglets and raise out a few tobsell meat. Also the calfs will be either going to the processor or sold. We are on 5 acres but most of it is wooded. I plan to clear a bunch myself after I put a few deer in the freezer. Wondering if I need a business license or what I should do. I would love to be able to write off some of this fuel and animal feed or some of the materials like the fencing I have been buying. We are in the great state of Georgia. Thanks for any help or advise.
Nick
 

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nick blough said:
Looking for any ideas or suggestions to help with taxes. I have been saving receipts for a little while now but hoping to figure out how to write some stuff off after next year. We currently have a small homestead, we are still starting off but currently have 4 feeder pigs, a horse, 2 pot belly pet pigs, 4 dogs, about 50-60 yard chickens and plan to raise a few bottle calfs next year. Though we are not profitable this year we plan to expand next year and hopefully break even. I have one pig going to the processor soon that will go in our freezer and will have another ready in the spring that can be sold, hoping to hreed the other 2 females to sell feeder piglets and raise out a few tobsell meat. Also the calfs will be either going to the processor or sold. We are on 5 acres but most of it is wooded. I plan to clear a bunch myself after I put a few deer in the freezer. Wondering if I need a business license or what I should do. I would love to be able to write off some of this fuel and animal feed or some of the materials like the fencing I have been buying. We are in the great state of Georgia. Thanks for any help or advise.
Nick
Click to expand...
We tried it a few years.
After adding up all the receipts, and going the 'itemize' route, it would be only be $10 more than the standard deduction.
All I could think was: "we worked how many hours, for $10?":mad:
Some people can gather enough stuff to make it worthwhile, but not us.
If you don't have a high-paying job putting you in a higher percentage tax bracket, it is not likely to be worthwhile.
 
You can write off business expenses for a few years before the business becomes profitable. Run it like a business, keep books. I took my standard deduction and my business deductions. I use an accountant so it is all legal. Spend an hour with an accountant. It is a business expense and will be worth you while. Perhaps there is a college locally that has an accounting or tax course that will help.
 
I'm sure all jurisdictions are different. However there may be some state exemptions that may apply to you. I'd check with your local assessor and ask him or her if there are any local or state tax exemptions that you would qualify for. Ask if there are any classifications that you could fit in to. I believe we have some in our area that are a type of 'forest' classification but with that, you'd have to allow the public on your property so that is a hard NO for us. Anyways, your assessor would be the person to talk to.

Or.....maybe you don't have to pay taxes at all.
https://media.gab.com/system/media_attachments/files/150/387/344/playable/af09f4adee285224.mp4
 
Find a good accountant, someone who specializes in tax preparation. They should know all of the legal tax deductions.
 
80,000 new irs agents is more employees than McDonald's has worldwide.

"would you like to Super size that audit?"

The tax and spenders in Washington sell their mathematically challenged constituents that they get to ride for free. The "rich" are gonna be the target for the 80,000 new agents.

The reality is that the rich have never paid their fair share. Because they employ resources to work within the complicated laws. Resources that middle American taxpayers don't have. And where do you think they will find that windfall of untapped tax revenue?

An army of new agents "to better serve American taxpayers"?

" thanks for shopping mickey Brandon's! "
 
Like Caribou said let a professional help you one year and see if is worth the expense, if it only brings in a cupla hundred extra even after hiring the accountant it's not worth the time. You will make and save more in a years time by investing and work in the homestead.
Now if you make a major change in your enterprise beyond the base the professional figgered fer ya you had best have someone recalculate.
 
In all my years of paying income tax, 53 years, I’ve never had enough itemized deductions to add up to the standard deduction. And I’ve tried.
Now, in our twilight years, my wife and I make so little with SS and my part time job (still working at 75) we end up paying zero federal tax. And, our tax guy even gets us back the withholding from my part time job.
Florida has no state income tax, and with homestead exemption, over 65 exemption, and poverty exemption, we pay zero county property tax on 4 acres.

Yup. We’re those “pays no taxes” people.
BUT, I paid taxes all my full time life, as did my wife until unable to work anymore from disability. I also served our nation on the field of battle.
So, if the government says I don’t have to pay, I’m not just going to make a voluntary contribution.
 
I feel the same as RPD. I blew out both of my knees while serving my state in the field of battle, so I received a tax free medical disability. I still need to file my taxes because of how the exemption is written, but the tax form costs me $25 a year, with a bunch of zeros on it.
 
I take off any expenses on my cattle as in feed, vet, mileage, fencing, hay, cattle hauling fees, land property taxes, chemicals, seeds, fertilizer, electricity on water well. Dogs, cats and chickens are not deductible. Do have ag exemption and ag use certification. Land taxes are cheap. Improvements and structures are costly. Over 65 and homestead locked in. Husband has 350 acres, I own 129 and we co-own 35 attached to my land
I have to report cattle sold as income however if I bought them they depreciate. Mostly mine are bred and born on property. Commission and feed at auction barn are deducted as well
 
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