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 09-30-2003, 09:34 Post: 65152
DRankin

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I think we are mixing our metaphors here.

There is a difference between paying state sales tax on a purchase and taking Federal income tax deductions or depreciation on an annual basis.

If you have escaped a state sales tax I don't think the Federal tax agents are going to knock on your door.






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 09-30-2003, 09:54 Post: 65155
kwschumm

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In our area Washington state has sales tax with no income tax, Oregon has an income tax with no sales tax. To avoid taxes lots of folks live in Washington and shop across the Columbia river in Oregon. This really frustrates the WA politicians, so once in awhile they have state troopers stop folks who cross the Columbia back into Washington with obvious loads of new goods that were purchased in Portland. Families with station wagons full of Costco purchases, pickup trucks with wide-screen TV's or appliances in the bed, etc. They pull 'em over and take a quick inventory of their new goods, check receipts, then give the info to the WA dept. of revenue to make sure that the purchasers pay a use tax on it. They do this for a week or two each year to "encourage" use tax on purchases.






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 09-30-2003, 10:18 Post: 65156
Chief

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If the equipment is agricultural type equipment (meaning NOT residental type machines) and you do file a Schedule F you can depreciate the equipment or with the new tax legislation expense it up to 60% as covered in the earlier link on your federal income taxes and state sales taxes are not collected on it in TN (may differ from state to state. If the equipment is used for other business purposes such as lawn care, landscaping, etc. The states sales tax in TN is collected (again may vary from state to state) but the equipment may be depreciated on your federal income tax return as a business expense or depreciation. You should verify these points with your tax preparer or CPA as I did and also have reciepts and certficates to verify status.

Paying the taxes you owe is a good thing. Paying taxes you don't owe or allow the IRS to intimidate you out of applying for the lawful deductions or credits you are legally entitled to is throwing money away.






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 09-30-2003, 10:25 Post: 65157
AC5ZO

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Dave, you are right about the home office deduction being an audit flag. I can stand for an audit. You have to make a personal choice on whether you want to take something that you are entitled to, or just give it away because an audit is a possibility.

I have a secondary business that my wife runs. It has never made a good profit and has often posted a loss. It is a legitimate business and generates significant income, but is it low margin and making a profit is difficult. I benefit even if the business does not make a profit because it is the tenent in a building that I own. Could I be audited for this? You can always be audited! I can stand the audit for this also. There is no cheating to catch.

Mark, you are right about mixing the state and federal taxes in this thread. Both are relevant, however.






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 09-30-2003, 11:15 Post: 65163
Billy

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Oklahoma doesn't have a Use Tax but some cities and counties have adopted one.

I bought a 4wheeler in Texas, back in 97. The dealer said to get out of paying Texas tax, he would deliver it 2 blocks down the road, in Arkansas. I met him there and they put it in my truck and drove away, all legal.

Not all states are the same. For example, I can buy livestock medication in Oklahoma and not pay tax but in Arkansas, I do. I can buy the same medication in AR and have them delivered to OK and no tax. On the electric bills, my house bill has no tax added but the farm electric bills have state and county taxes added. Some of this stuff doesn't make sense.






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 09-30-2003, 11:55 Post: 65166
AC5ZO

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Billy, Tax laws simply don't make sense and that is why CPAs can make a good living only focusing on tax issues.

Dave, I used to do my own taxes and then it just started taking longer and longer. Some CPAs are more agressive than others. Mine is more agressive than most.

He even refigured taxes for me on previous year's returns and if I do get audited he still won't cost me what the state and federal folks refunded to me years after I paid the taxes where I was entitled to a deduction that my previous CPA avoided out of fear. When you apply for a refund years after the fact, they take a nice close look at the return. They disallowed 2.5% of what we claimed as a refund.

Now the CPA is working on deducting the tractor and the H2 since it has a GVW of > 7500 #.






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 09-30-2003, 12:59 Post: 65170
Chief

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Tisk, tisk, tisk. Mike, Arianna Huffington would be very upset with you. Wink yeah right






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 09-30-2003, 13:10 Post: 65171
AC5ZO

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As Arnold recently said, Ariana uses tax loopholes big enough to drive a Hummer through.

BTW, I get 13.8 MPG on the H2. That is quite a bit better than my old pickup truck.






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 09-30-2003, 13:21 Post: 65172
Chief

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That is not bad gas mileage for a vehicle that heavy. You need that 572 cubic inch Chevy crate motor or a tricked out 6.5 litre turbo diesel to move that H2 along. Wink yeah right I was pulling your leg as Arianna is one of the political types trying to out law SUV's and I was thinking the same thing as you with the driving the Arnolds H2 through the tax loop holes she takes. Laughing out loud! If I could afford it, the wife would be driving a Powerstroke powered Excursion. I like having lots of steel around the wife and I driving down the road.






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 09-30-2003, 13:51 Post: 65175
AC5ZO

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I have been hit by drunk or inattentive drivers three times. My wife has been hit once. I am not accounting for close calls. There is no substitute for a heavy vehicle.

The repair bill for having four hits on my vehicles. Zero. The plastic bumper decoration strip on my GMC 4X4 Sierra Pickup has a dent in it, but the sun has done more damage than the collisions. The guy that hit my wife bounced her forward after hitting the spare tire on her Jeep. He was asleep when she got out and he high-tailed it for the safety of the reservation when he woke up. The ones that hit me were at higher speed and my trailer hitch did considerable damage to their front ends.

Newton got it right. F= M x A It is good to be the mass.






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Discussion Boards > Active Subjects > Messages as Posted > Farming Ranching Agriculture Forum

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