taxable deductions

[dfarms11]

I was just wondering what people get away with as far as tax deductions. Aside from the usual/ normal fuel, fert seed, etc. What other things do you deduct? Does anyone use groceries of any sort, or any of their vacations? I have heard of neighbours doing these kind of things but my accountant says its not doable. Are my neighbours just waiting on a time bomb with an audit or are they justified?

[cottonpicken]

There is good intel coming out that the fed actually
lent out 12.5 trillion during the last crisis.

Some top investment houses are literally cornering
some markets.

Historical price ratios between gold-oil-grain have
us extremely undervalued.

Nobody is showing up at the bond auctions-
globaly-investers are realizing there is nowhere to
run or hide except,tangibles.

[boarderbloke]

Starting tonight, I'm hoping to see China and other countries in the market, buying the very last old crop stocks, in an attempt to quell and subdue any hungry stomachs they might have in their own countries, "the ones" needed to start riots and political turmoil.
Disappointed with Friday close on MGE Wheat, hope it was profit taking and uncertainty on a Friday afternoon. Looking to see a big turn around there next week.
USD up big, and still crude up 3-2.5, but Bean oil off and canola flat?

[FarmRanger]

Don't cheat and sleep well at night.

I know a farmer who lost a large portion of his farm after an audit.

Cheating is not worth the risk in my opinion. Render unto Caesar and all.

[farmers_son]

I agree with FarmRanger. Keep it honest. Getting too creative with deductions can sink the farm. I always try to ensure if I am audited that Revenue Canada will owe me money, not the other way around.

Something that is completely honest and some may not know about is since 2009 you can defer tax on some sales of livestock if you were in an area designated as having excess moisture. Previously deferrals were available to areas affected by drought only. These designated regions are at:

http://www4.agr.gc.ca/AAFC-AAC/display-afficher.do?id=1287670615865&lang=eng

[cottonpicken]

Tom,Pars,Charlie and et all,a few years back i
proposed to you folks a reverse tech analysis to cwb
sales and never received a response.

Now that you guys are slowly coming to grips with the
way things work,are you still interested on the
subject,or is this not interesting to you?

[parsley]

Set the table. I'm coming for an idea- snack. We'll see what kind of cook you are. lol Pars

[parsley]

<p></p>
<p><strong>[URL="http://www.whitehouse.gov/administration/eop/perab/members/goolsbee"](This is what incompetence looks like.)[/URL]</strong></p>

[tmyrfield]

The US financial crisis and commodities and the dollar are all linked. like it or not.
here is a very good account by a canadian on what happened and what may come.

http://rossmckitrick.weebly.com/uploads/4/8/0/8/4808045/us_financial_crisis.rm.pdf

[parsley]

<p></p>
<p><strong>[URL="http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/8291470/Egypt-and-Tunisia-usher-in-the-new-era-of-global-food-revolutions.html"](The good thing is we can feed ourselves!)[/URL]</strong></p>

[BTOfarmall]

Hey Cotton, Udders.....

Dis where some of that $12.5 Trillion went........

http://www.youtube.com/watch?v=-nOIMQWiFWY

[TOM4CWB]

Charlie, et al;

A house that cost $150K is now $340K

Land that cost $150K/qtr is now $350K

Fert that was $400/t is now $800/t.

Good help on the farm is $25/hr... was $12/hr.

Oil was $40/b now $80/b...

I get told $5/bu for my wheat is a GOOD PRICE! THis is true?

Now $14/bu is the same as $7/bu Canola?

We had 1.5-2 percent inflation per year?

NO WAY.

Have we entered a NEW erra?

Are we growers really more profitable???

Have income taxes actually gone down? NO because money is worth half of what it was... gov. still gets more!

[dfarms11]

Let me first say that I am in no way going to do something that's not right. I am not going backwards in an audit. However these guys I am talking about use chartered acountants that do this. They are accountable for what they do are they not? I don't use a CA so mine is quite conservative. Anyway I was just curious.

[parsley]

<p></p>
<p><strong>[URL="http://blogs.forbes.com/gordonchang/2011/01/30/egypt-is-the-next-tunisia-what-is-the-next-egypt/"](All people compare, don't we. Don't forget how we got where we are. Generations of head down, ass up, hard work.)[/URL]</strong></p>

[agstar77]

We live in interesting times!! Twitter has dates for uprisings in all the middleast dictatorships.