Tractor News What is driving up the demand for tractors?

[jyoutz]

How much higher could they be after everything is factored in?

Seems like about half the people in this country own a small business of some sort. Then they deduct everything they buy. It’s those of us working for a salary that get stuck with paying.

 

[Hay Dude]

Seems like about half the people in this country own a small business of some sort. Then they deduct everything they buy. It’s those of us working for a salary that get stuck with paying.

Trust me, you dont want to be self employed. Its not as glamorous as you think.

 

[jyoutz]

I

Trust me, you dont want to be self employed. Its not as glamorous as you think.

I know it’s hard work and long hours. I have lots of family who own small businesses and ranches. But what I stated about taxes is correct. They deduct everything they buy, even if not used for the business.

 

[Hay Dude]

I

I know it’s hard work and long hours. I have lots of family who own small businesses and ranches. But what I stated about taxes is correct. They deduct everything they buy, even if not used for the business.

Not everyone. I don‘t come even close to deducting everything I buy.
That would be like me saying to you all salaried employees just milk the clock, take a 1 hour lunch break, then “join the 4 oclock track team” and run for the door at the end of the day.

 

[bearthebruce]

@Hay Dude, I agree with you completely. And if @jyoutz family is deducting all that, they are not doing it properly and someday the tax man may come calling to do an audit.

Many things can be deducted but like all things in this country, the tax man demands his.

 

[Steppenwolfe]

I was simply yielding to the "knowing".

Well, now you know... Glad I could straighten that out.

 

[Steppenwolfe]

Seems like about half the people in this country own a small business of some sort. Then they deduct everything they buy. It’s those of us working for a salary that get stuck with paying.

Yep... I'd love to be a billionaire and not pay taxes. I gotta sign up for that deal.

 

[jyoutz]

@Hay Dude, I agree with you completely. And if @jyoutz family is deducting all that, they are not doing it properly and someday the tax man may come calling to do an audit.

Many things can be deducted but like all things in this country, the tax man demands his.

You know that IRS allows for deduction of 50% of restaurant meals, vehicles, cell phones, and computers, work clothing, equipment, and many, many more things if you own a business. Legally. But of course those items are also used for personal use. I’m allowed to deduct my mortgage interest, charitable contributions, and not much else. Prior to the tax changes in 2018, I was able to deduct many more things, including non reimbursed work expenses; not anymore.

 

[jyoutz]

Yep... I'd love to be a billionaire and not pay taxes. I gotta sign up for that deal.

Billionaires have to pay $750, so that’s something.

 

[Hay Dude]

You know that IRS allows for deduction of 50% of restaurant meals, vehicles, cell phones, and computers, work clothing, equipment, and many, many more things if you own a business. Legally. But of course those items are also used for personal use. I’m allowed to deduct my mortgage interest, charitable contributions, and not much else. Prior to the tax changes in 2018, I was able to deduct many more things, including non reimbursed work expenses; not anymore.

In 30 years self employed, I have probably deducted 3 meals. Vehicles? Sure its a work truck. I want to go somewhere for personal I have 2 cars and a Jeep. Equipment? You bet. Work clothing? Rare if ever.
I could probably deduct way more, but I dont.

How many benefits do you get from your employer?
I already know he pays 1/2 your social security. I pay all mine.
Health benefits?
Does he do retirement investment matching?
Sick paid days?
Vacation paid days?
Personal days?