Posted by LAA on May 22, 2012 at 19:50:20 from (86.51.147.113):
In Reply to: Tax Questions posted by Fullers Farmalls on May 22, 2012 at 19:12:49:
The TSC purchase would involve state and county sales tax, the rules vary by state, where I live feed and vet supplies for commercial livestock are tax exempt if you declare and sign an exemption form yearly, pleasure horses pet pigs etc. don"t qualify but racehorses would or dogs if you are a breeder or run a kennel. Farm equipment and supplies such as disc blades, cylinders etc. are exempted the States portion of the tax, normal repair parts such as bearings, engine components etc. are taxed at the normal rate. As far as federal income tax, filing schedule ""F"", any expense related to producing a crop or livestock for sale is deductible against the revenue from the sale of the livestock or crops and any other earned income you or your wife, if married, have from a job. There are all kinds of partnership arrangements recognized by the IRS but if you and your Dad each file a seperate schedule ""F"" for the farm activities on the same farm it is perfectly legit as long as each person paid expenses, shared in the proceeds and actively worked the farm. If you go to irs.gov and download a copy of the federal form schedule ""F"" it is actually fairly self explanatory and will be a good guide to know what expenses to keep up with and use aa a tool to plan your business. Due to the boom/bust nature of most agricultural enterprises careful and thorough tax planning and record keeping cannot be emphasized enough.
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today. [ About Us ]
Today's Featured Article - The 8N and the Fox - by Zane Sherman. Dec. 13 1998, Renfroe, Alabama. Last niht I dreamed about the day that I plowed the field of about 10 acres over on what Jimmy and Dandy called the Ledbetter field. I was driving the 1948 8N Ford tractor that Jimmy bought in 48 new This was prebably in about 1951 and maybe even befor the house was built. This would have made me to be about16 years old and I drove the tractor for nothing and would have paid to drive it if I had had any money which I didn't, but neit
... [Read Article]
Latest Ad:
Sell 1958 Hi-Altitude Massey Fergerson tractor, original condition. three point hitch pto engine, Runs well, photos available upon request
[More Ads]
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy
TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
