Posted by rrlund on February 05, 2014 at 07:25:33 from (162.250.26.204):
In Reply to: Re: tax refund posted by LAA on February 05, 2014 at 04:40:55:
Jerry Gulke was talking about this just the other morning. He said these guys who went out and bought a new $250,000 tractor,financed it for 5 years interest free,claimed the whole thing as an investment credit to avoid taxes in one year when commodity prices were high,are the ones who are going to be in big trouble with these low prices. Now they have four years of principle to pay and it isn't deductible. I know how that is. I had a lot of income when I milked cows and was buying all of my equipment and what not. My depreciation seemed to get thin while I was still in debt. It got to where I was writing a check to the feds for $15-16,000 every year. I'm a whole bunch better off now with less income and no debt,paying cash for the used stuff that I buy.
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Today's Featured Article - Seeing an Old Friend - by Joe Evans. Dad had a concrete contracting business starting in 1960. One of his first pieces of equipment was a Ferguson TO-35 with a Davis loader. Dad replaced the TO-35 with a MF 202 Workbull, essentially an industrialized Ferguson 35 I am told. Dad bought the 202 new in 1962, and I recall quite clearly going to the dealer with him to sign for it.
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