Posted by Dave from MN on February 07, 2009 at 04:33:50 from (96.24.108.212):
Ok, let me explain. We have a large poultry operation which we recieve a good income. I also started into grain this last year as well as cattle. My cattle business is small right now. 6 bred cows, and 6 younger animals. I am in the process right now of trying to aquire about 80 40-60 acres of old pasture that I may rent if I can afford to repair the fence and pay a modest amount for the rent. Whicch would allow me to expand the # of cows I can have by quite a few. What I am wondering is there any advantage (taxes or otherwise), to having seperate "businesses" for example "Dave from MN Poultry", "Dave from MN grain", and "Dave from MN Livestock". Does any one do this on their farm? I know I need to keep inputs and income seperate on my spreadsheets so "I" know if I am losing or gaining on which, but are there any other benifits to have all listeed as seperate businesses. Such as "renting the tractor from the "Grain" business for spreading manure for the "poultry" business, etc, etc. Any advice out there. It took me till this year to realize I can give myself a salary from the poultry income.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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