Posted by JRT on April 04, 2008 at 21:39:16 from (68.238.118.79):
I got a call from my Tax Lady today. She advised me that I had declared a loss on my farm too many years in a row (8) and if I was smart I should show some profit this year to keep IRS from declaring me a HOBBY FARM. I said this is not the year for that , The big drought and High Cost of fuel, and a major breakdown, and all that stuff had definitely made me loose $. She says "don't push your luck". She said that if they decided I was only a Hobby farm, It would be hard to get my deductions back again. I took her advise. Guess I won't be getting any extra money back this year. As she said, "Better safe than sorry". Did I do the right thing?
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Today's Featured Article - Field Modifications (Sins of the Farmer) - by Staff. Picture a new Chevrolet driving down the street without it's grill, right fender and trunk lid. Imagine a crude hole made in the hood to accommodate a new taller air cleaner, the fender wells cut away to make way for larger tires, and half of a sliding glass door used to replace the windshield. Top that off with an old set of '36 Ford headlight shells bolted to the hood. Pretty unlikely for a car... but for a tractor, this is pretty normal. It seems that more often than not they a
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