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Old 07-11-2008, 05:59 PM
 
Location: Texas
5,070 posts, read 9,116,685 times
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Quote:
Originally Posted by Driller1 View Post
This is a little off-topic but, one of the most exported thing from the US to Iran was bull semen. It was in the millions range.
I wonder what the going rate is for semen?

Anyway, it may be one reason there is so much BS coming from Iran. Possibly it is used for something along the lines of ground rhinoceros horns?
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Old 07-11-2008, 06:15 PM
 
Location: Not on the same page as most
2,503 posts, read 5,645,924 times
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Quote:
Originally Posted by Brian.Pearson View Post
I wonder what the going rate is for semen?

Anyway, it may be one reason there is so much BS coming from Iran. Possibly it is used for something along the lines of ground rhinoceros horns?
LOL. BS coming from Iran.
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Old 07-11-2008, 08:09 PM
 
24,839 posts, read 33,059,523 times
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Quote:
Originally Posted by Brian.Pearson View Post
I wonder what the going rate is for semen?

Anyway, it may be one reason there is so much BS coming from Iran. Possibly it is used for something along the lines of ground rhinoceros horns?
They bought 13 million dollars worth!!!!!
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Old 07-12-2008, 11:24 AM
 
Location: Not on the same page as most
2,503 posts, read 5,645,924 times
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Okay, so now maybe I should go into the BS business. Anybody know how to get BS from a bull? Sexy moooovies of cows, perhaps. Are Iranians starting their own cattle herds? Wonder how many animal units per acre. If they hit a land mine, hamburger for the whole village. Sorry, but Driller 1 started this!!!
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Old 07-29-2008, 02:59 PM
 
Location: SC
9,069 posts, read 14,586,113 times
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Quote:
Originally Posted by tambre View Post
Hi everyone,

Hope you are all well this beautiful Sunday, in June. My dh and I are planning on starting a small scale cattle farm, in Missouri. My question is: What kind of equipment, buildings, supplies, fertilizer, animal feed and veterinary expenses, etc. can be considered expenses that are tax deductions?
All of those things although the more expensive items need to be depreciated over time.

Another thing youcan do if this is a family run farm and you will not be hiring a lot of outside help is establish a Section 105 plan which will enable you to deduct not only your health insurance expenses but 100% of all your medically related expenses such as dental, eye care, natural medicine, special education and therapies, deductibles, co-pays that you actually incur. A Section 105 plan can actually be better for a family owned business than a Health Savings Account (HSA) because with an HSA you are limited as to the type of health plan you can choose and you are limited to the maximum allowable contribution amount, usually about $5700 if you have a $5700 family deductible which is also the maximum amount you can deduct. If one year, your family has $15k in medical expenses, with a Section 105 plan (based on the IRS Code Section 105), you could deduct all of it.

If you have a farm and you plan to hire outside employees and you want to offer them health insurance, you can do something similar to the Section 105 plan called a Health Reimbursement Arrangement (HRA) which would enable you to decide how much of actual medical expenses you wanted to reimburse an employee and as long as it is spelled out inthe HRA document you can reimburse the employee up to that amount-- perhaps the second half of his $2000 deductible-- and when you do that you can take a 100% tax deduction on the amount reimbursed. However you MUST have the HRA document that spells this out. You can customized what you want to reimburse. For example you could say you'd reimburse up to two dental cleanings per year for each employee and up to $800 in dental work. This would save you and the employees(if they contributed) money on dental insurance costs which would be much higher AND you'd only have to reimbursed the people that actually used the benefit and not those that didn't. (With insurance you pay for those that don't use the insurance along with those that do).

One thing you want to keep in mind is that certain business entities do NOT allow you to take advantage of these tax deductions for health care and health insurance. A Sole proprieter can take advantage of all of them, a C-Corp is the next best entity, S-corps are TERRIBLE as "owners who have greater than 2 percent of the shares can not participate in an HRA or a Section 105 Plan. In fact, owners in Subchapter S corp not only can't participate in these plans but once their health insurance costs are deducted through the business THEY ARE ADDED BACK IN ON THEIR INDIVIDUAL RETURNS AS WAGES. I believe this is so with all the Limited Liability companies too.

In fact the only thing people who have Sub S or LLCs can do, if they are smart, is to buy a high deductible low cost HSA compatible plan and make the maximum contribution to it every year. It makes NO SENSE to pay a penny more for health insurance and health care than you absolutely have to since you end up paying for it on your individual return.
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Old 07-30-2008, 07:13 PM
 
15,510 posts, read 28,067,833 times
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Quote:
Originally Posted by tambre View Post
Hi everyone,

Hope you are all well this beautiful Sunday, in June. My dh and I are planning on starting a small scale cattle farm, in Missouri. My question is: What kind of equipment, buildings, supplies, fertilizer, animal feed and veterinary expenses, etc. can be considered expenses that are tax deductions?
Reminding everyone of the topic at hand. Thanks.
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Old 08-01-2008, 12:14 PM
 
Location: Not on the same page as most
2,503 posts, read 5,645,924 times
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Awesome information on the Section 105 plan, Emilybh. That sounds very financially beneficial.

Here's another question for everyone. We are currently living in NY, while trying to sell our house to move out to the farm. We both have jobs here. We are starting to develop the land in Missouri...just put in a farm access road (driveway), have spent some money on perimeter fencing, and will be putting in a well, running electric lines, and building a garage/efficiency apartment building. Can we make any deductions now against our NY income, or do they have to be balanced against income that the farm makes? The deal we have now is that our neighbor is doing the haying and keeping all the hay, and we aren't making any profit. Another neighbor has some cows on the pastures (in exchange for putting in metal corners on the fencing and brush hogging). We are very grateful that the land is being cared for, and feel that it is a win/win. Once we move out there, we will make different arrangements. So, is anything deductible on schedule F for 2008 ?

Last edited by tambre; 08-01-2008 at 12:16 PM.. Reason: needed to clarify
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Old 08-01-2008, 12:30 PM
 
24,839 posts, read 33,059,523 times
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Quote:
Originally Posted by tambre View Post
Awesome information on the Section 105 plan, Emilybh. That sounds very financially beneficial.

Here's another question for everyone. We are currently living in NY, while trying to sell our house to move out to the farm. We both have jobs here. We are starting to develop the land in Missouri...just put in a farm access road (driveway), have spent some money on perimeter fencing, and will be putting in a well, running electric lines, and building a garage/efficiency apartment building. Can we make any deductions now against our NY income, or do they have to be balanced against income that the farm makes? The deal we have now is that our neighbor is doing the haying and keeping all the hay, and we aren't making any profit. Another neighbor has some cows on the pastures (in exchange for putting in metal corners on the fencing and brush hogging). We are very grateful that the land is being cared for, and feel that it is a win/win. Once we move out there, we will make different arrangements. So, is anything deductible on schedule F for 2008 ?
YES!!! All expense at the farm comes off you 1040. It does not matter where the income is gained. Check "all of investment at risk".
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Old 08-01-2008, 12:53 PM
 
Location: Not on the same page as most
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That is seriously great news.
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Old 08-01-2008, 11:56 PM
 
Location: Forests of Maine
31,310 posts, read 50,634,731 times
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Quote:
Originally Posted by tambre View Post
That is seriously great news.
Oh yes
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