Re:High beef prices and the destruction of independent cattl...
by voakbasda on Monday January 03, 2022 @05:49PM
(#29788168)
In the US, the tax shelter plan only works if you are profitable 3 out of any given sequence of 5 years. Otherwise, the IRS prohibits deductions from "hobby farms". Be sure you check with an accountant, unless you have been showing a clear profit from your farming activities.
In my experience, a small farmer basically needs to cook their books to appear profitable. Profit is not realistic if you include all of the actual costs.
In my experience, a small farmer basically needs to cook their books to appear profitable. Profit is not realistic if you include all of the actual costs.