Posted by Geo-TH,In on September 09, 2016 at 04:18:20 from (172.78.65.208):
In Reply to: Re: farm tax? posted by D beatty on September 08, 2016 at 15:54:48:
D beatty, You got me thinking before I had my second cup of coffee. I'm not a farmer, retired, but have a rental business and pay taxes. Way too much taxes I might add.
When I make a repair, I keep records and send them to my cpa. He then decides how to write it off my taxes. I think he said most repairs can be written off the same year.
My question is what's the big deal about tax exempt? I pay sales tax on everything and that is taken off my income taxes along with the repair item.
So lets say I make a $1000 repair and pay $70 sales tax. So I wire off $1070 off income tax instead of $1000. My top income is taxed at 25% fed, 3.4% Indiana(I think), 1% county. So almost 30% off the $70 sales tax. Am I right? In the grand scheme, are we talking pennies here?
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