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TRACTOR TAX WRITE/OFF
My CPA has been looking into this for me. His comment about generating some income was consistent with other posts in this thread. He also mentioned a truck that I own that is over 7500 GVW. In addition, when you start having a farm business, it is also consistent to write off the office that you use to administer the farm. The list goes on, so it is good to get a CPA to do things right and to look for the right deductions.
There is sales tax on farm stuff in NM, but it is about half of the rate collected on everything else.
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TRACTOR TAX WRITE/OFF
Dave, you are right about the home office deduction being an audit flag. I can stand for an audit. You have to make a personal choice on whether you want to take something that you are entitled to, or just give it away because an audit is a possibility.
I have a secondary business that my wife runs. It has never made a good profit and has often posted a loss. It is a legitimate business and generates significant income, but is it low margin and making a profit is difficult. I benefit even if the business does not make a profit because it is the tenent in a building that I own. Could I be audited for this? You can always be audited! I can stand the audit for this also. There is no cheating to catch.
Mark, you are right about mixing the state and federal taxes in this thread. Both are relevant, however.
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TRACTOR TAX WRITE/OFF
Billy, Tax laws simply don't make sense and that is why CPAs can make a good living only focusing on tax issues.
Dave, I used to do my own taxes and then it just started taking longer and longer. Some CPAs are more agressive than others. Mine is more agressive than most.
He even refigured taxes for me on previous year's returns and if I do get audited he still won't cost me what the state and federal folks refunded to me years after I paid the taxes where I was entitled to a deduction that my previous CPA avoided out of fear. When you apply for a refund years after the fact, they take a nice close look at the return. They disallowed 2.5% of what we claimed as a refund.
Now the CPA is working on deducting the tractor and the H2 since it has a GVW of > 7500 #.
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TRACTOR TAX WRITE/OFF
As Arnold recently said, Ariana uses tax loopholes big enough to drive a Hummer through.
BTW, I get 13.8 MPG on the H2. That is quite a bit better than my old pickup truck.
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TRACTOR TAX WRITE/OFF
I have been hit by drunk or inattentive drivers three times. My wife has been hit once. I am not accounting for close calls. There is no substitute for a heavy vehicle.
The repair bill for having four hits on my vehicles. Zero. The plastic bumper decoration strip on my GMC 4X4 Sierra Pickup has a dent in it, but the sun has done more damage than the collisions. The guy that hit my wife bounced her forward after hitting the spare tire on her Jeep. He was asleep when she got out and he high-tailed it for the safety of the reservation when he woke up. The ones that hit me were at higher speed and my trailer hitch did considerable damage to their front ends.
Newton got it right. F= M x A It is good to be the mass.
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TRACTOR TAX WRITE/OFF
Dave, I drive heavy vehicles for several reasons.
1. Safety for me and people riding with me.
2. I live on a dirt road in the desert.
3. I am a big guy and I don't fit comfortably into a small truck.
4. I live out of town, I need to have a vehicle that will carry a load.
5. I like them.
The tax situation is nice, but really would not change what I drive, or how I drive it.
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TRACTOR TAX WRITE/OFF
Dave I am not arguing with you. Making a numbered list simply allows me to address my points quickly in a short post. There is no reason to assume that it means anything more than that.
We all know that threads tend to wander. I am sure that the regulars remember the Beaver Dam or Chris Rock posts. The relevant line through this one seems to be tax deductions and posts that don't directly address that (from me anyway) are answering some question or comment posed previously in the thread. Tax deductions and tax strategies are nice, but my point was that they are secondary to getting and using the equipment that we want, whether it be a truck, tractor, office or whatever. Maybe I did not address that directly enough.
There are some other ways to get some tax benefit if a "hobby" makes some income, or if you are an employee and have some legitimate business expenses that are not reimbursed by your company. These are special cases and anyone interested in them should consult an expert; not me.
I don't know why my last post bothered you. It was certainly not intended to offend anyone in its content or form. We all exchange some personal information and certainly the regulars get to know one another to a degree.
I guess I would think that if we were going to have general discussions of trucks, hemi motors, wood chucks, coyotes, generators, land use, taxes and so forth that my personal situation and reasons for owning a truck would fit nicely in there somewhere.
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TRACTOR TAX WRITE/OFF
This is that last thing that I am going to say on this thread. This is not directed an any one person.
I took no pot shots, cheap shots or any other kind of shots at anyone. I am a pretty straight forward guy. If I disagree with you, I will tell you. You will not need to find implications or inuendo in phrases or presentation formats that I pick.
I do not have a problem with considered differences in opinion. If I state my opinion and you agree with it fine; if you don't, that is fine with me too. If I think that you are wrong and you are trying to convince someone else of something, I will say so. I find it refreshing to be wrong myself every now and then, because I learn more when I get a surprise or have to look at something in a different way.
I referred to two previous posts only because they grew quickly and just as quickly got off topic. I participated in those posts as well as others. Other than that I have not got a clue about the references to Abraham Lincoln, communism, and other such things. I do not read every post that is put on this forum. I travel on business and there may be days at a time that I don't check into the forum. When I do check in, I will post if I think that I can offer something; otherwise I don't. I read a lot more than I write. As far as going off topic I plead "guilty". "Let he who is without guilt cast the first stone."
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