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Discussion Board - Re: Whats the most you have ever heard............

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Author  [Modern View]

01-27-2013 14:12:35

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If you have paid no taxes through out the year, have a loss and are due a refund, you can claim a refund on taxes paid in the previous year.

I did that one time in the 80"s.


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01-27-2013 15:56:12

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 Re: Whats the most you have ever heard............ in reply to IaGary, 01-27-2013 14:12:35  
That was a rough period for farming, I had $900 of deductions never got used up. You could carry that stuff for 3 years, but never had enough income to use it up.

Couldn't apply the loses to previous years, those were negative as well.


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MF Poor

01-27-2013 16:51:20

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 Re: Whats the most you have ever heard............ in reply to Paul, 01-27-2013 15:56:12  
If it wasn't for having a good off farm job and selling off some unproductive ground for way more than it was worth, to a developer who was starting his own industrial park, the '80's would have been far worse for me than what it actually was. Sure wasn't raking it in selling corn and soy beans. There's a lot to be said for dumb luck!

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01-27-2013 18:48:37

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 Re: Whats the most you have ever heard............ in reply to MF Poor, 01-27-2013 16:51:20  
My wife and I worked in the city, before I came to the country to make my fame and fortune. We both claimed single with no dependents, even though we were raising three kids at the time, I even had them take an extra hundred a month out, and still had to come up with money at the end of the year. Last year my accountant told me that I had to buy some big ticket items, or we would be paying again. How are you supposed to stash some money away for old age? I would like to meet that dumb SOB that called this the golden years...

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MF Poor

01-28-2013 13:52:19

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 Re: Whats the most you have ever heard............ in reply to Animal, 01-27-2013 18:48:37  
Ah, the life story of a farmer....You work day and night, struggle at times to make minimum wage, operate a business with thousands upon thousands of dollars of cash flow , re-invest most of it, put very little of it in your pocket, risk everything, and die with an estate worth millions.

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