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Balance Sheet-What's the point?
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Boone & Crockett
Posted 12/24/2024 19:36 (#11024629 - in reply to #11024624)
Subject: RE: The deferred tax liability with 179 comes when...............


coup - 12/24/2024 19:31

Boone & Crockett - 12/24/2024 18:21

ricefarmer14 - 12/24/2024 19:05

Hey Coup, I’ve read enough of your posts to know you run some older equipment (a nice stuff that gets job done) as do I…talking to accountant my depreciation is running out but so is my equipment debt.

I’ve really enjoyed paying little in taxes over the years and it’s nice to have close to no equipment debt but how should one handle this situation? Don’t really want to buy more to just get more depreciation…
Well, depending on your income, you could pay yourself up 400 grand and deduct it. No equipment, just cash in a qualified retirement plan, earning a competitive interest rate.


How does putting $400,000 in a retirement plan help, when a person could put to use the $400,000 in the farm operation?
because your paying yourself first, and deducting from income tax liability. On that kind of income , you’d be lucky to end up with $240,000, after taxes. You do realize you don’t get to keep the whole $400,000 of income, don’t you?

Edited by Boone & Crockett 12/24/2024 19:45
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