Posted by Hay maker2 on May 02, 2017 at 07:59:42 from (209.252.249.194):
In Reply to: I noticed......... posted by Donald Lehman on May 02, 2017 at 06:29:46:
Spending money on equipment or paying taxes....
Most people I know spend there money on equipment or other tax write off expenses as they do not want to pay taxes. In the end, they spent all their money and they have nothing saved for a rainy day or retirement.
If my friend makes a $100,000.00 on his farm and the guy down the road makes $100,000.00 working in a factory they pay the same amount of taxes other than what each individual can claim as a tax deduction. The big thing is that the factory guy pays his taxes every couple where the self employer guy pays them every quarter.
Neighbor sold his cows 3 years ago. He paid his taxes and is a wealthy guy that draws Social Security and Medicare/Mediadie. Other neighbor sold his cows 2 years ago, always had new equipment and bragged about never paying or paying very little taxes. Needless to say he is flat broke and can not draw social security or Medicare.
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