What is your best year end purchase?

[dak7]

Our year end is Dec 31.

If you were going to pay for some 2017 inputs before year end.

What would you do and what do you think is the best deal? Deisel? Fert? Seed?

Any suggestions?

[farmaholic]

Silly comment but my first suggestion would be to incorporate if you aren't already....if excessive income
tax is a problem. A chronic problem...

The old way of prebuying and deferring is like two parallel vertical lines that diverge... never converge and continue to get further apart.

Unless you're already incorporated and lucky enough to be netting about 500K...

I hate paying income tax, but do, and since incorporation have stopped fighting it.... now I say it's as good as it gets and quit fighting and just pay....we don't net higher than 500K....

There's guys on this site with alot more knowledge and insight than me.... please chime in.

I've come to look at incorporation as another form of tax deferral.... but a more manageable scenario.

The ****ers will get their pound of flesh one day but I try to minimize it! .... manage it.

[mcfarms]

Rum a lot of Rum write it off as medical.

Better yet a trip to Jamaica to drink Rum, write it of as the annual corporate retreat you are allowed one per year.


seriously though this year especially if your in AB look at things like fence posts if you have livestock, fill up the fuel tanks and get your fertilizer bought as I feel everything with freight attached will go up once the carbon thievery gets fired up.

[Daylate]

We're caught up a bit in the deferral game too, to stay under the 500,000. But never should have. The extra paid in the Corp over 500,000 is almost a wash because of a tax credit when taking dividends out personally. And any tax paid over the 500,000 goes into a G.R.IP. portion which can be used down the road in another year if you don't want to pay out that much dividend. This is how the accountant explained it to me anyhow. Worth asking yours about it. Hope that made sense.

[Partners]

Stuck in same rut for yrs..
Pre buy all inputs.for for 17..
Fuel/all fert..Chem..
Buy any large equipment we can afford..hate to pay tax..rather touch and see stuff..than write check for nothing in return.
Each to there own..

[checking]

It is actually to pay the installment, and forget about it. Then place the rest in a safety deposit box. Repeat.

[jake550]

No matter what they'll get you sooner or later.
Once you crack $15million in retained earnings in your corporation you pay the full business tax.
No more low rate up to $500k
Better off to just pay the tax and move on with life. Try not to dwell on it (easier said than done when you see how so much of tax payers dollars are wasted)

[blackpowder]

Size of the fish obviously determining the size of the pan.

[fjlip]

Silly comment but my first suggestion would be to incorporate if you aren't already....if excessive income
tax is a problem. A chronic problem...

The old way of prebuying and deferring is like two parallel vertical lines that diverge... never converge and continue to get further apart.

Unless you're already incorporated and lucky enough to be netting about 500K...

I hate paying income tax, but do, and since incorporation have stopped fighting it.... now I say it's as good as it gets and quit fighting and just pay....we don't net higher than 500K....

There's guys on this site with alot more knowledge and insight than me.... please chime in.

I've come to look at incorporation as another form of tax deferral.... but a more manageable scenario.

The ****ers will get their pound of flesh one day but I try to minimize it! .... manage it.

I am looking at the Corp as a third entity to split income with, and it pays way less. Withdraw personal stuff several ways to minimize tax or maximize CPP. Just more options. Yup, never net 500K here and use or lose the CG deduction, doubled if partnership with wife.

[seabass]

Well said Jake. Pay the tax even tho it pisses u off.

[SASKFARMER3]

Four tickets out of this ice bucket challenge.

Aloha every one!

[tmyrfield]

The only thing worse than paying income tax. Is not paying income tax.