Are tractors and equipment a good investment right now?

[CloverKnollFarms]

Gotta luv it when you find out you were required to make quarterly estimated tax payments

But, I'm not required to... It's deducted in payroll. The issue was the exemptions that used to get me to a near $0 tax return, now leave me with a tax liability at the end of the year. Mainly because we have only one real deduction, and that is charitable giving.

 

[CloverKnollFarms]

My annual tax burden is $80k. Of that, $45k is Federal. The rest is OASDI, state, local. I think we were shy $2k this year on the Federal side, and were fined for it. Sadly if I overpay, I don't get to penalize them.

 

[ultrarunner]

My biggest expenses are taxes across the board...

Property Tax, Business Taxes, Sales Taxes, Use Taxes, etc... don't even got me started on Utility Taxes...

Income State and Federal is always a chunk but it's proportion of income...

Property Taxes just smack upside the head... far in excess of my day job income...

I fully understand how many lost property during pandemic when by law non payment of rent ok but by law taxes and utilities and maintenance expenses continued...

 

[2manyrocks]

Nashville pushed through a sizable property tax increase in 2020 despite CV shutdowns that meant people weren't able to go to their jobs.

 

[DarkBlack]

My biggest expenses are taxes across the board...

Property Tax, Business Taxes, Sales Taxes, Use Taxes, etc... don't even got me started on Utility Taxes...

Income State and Federal is always a chunk but it's proportion of income...

Property Taxes just smack upside the head... far in excess of my day job income...

I fully understand how many lost property during pandemic when by law non payment of rent ok but by law taxes and utilities and maintenance expenses continued...

You missed all the telecommunications taxes on your phone bill, or even more if you’re still buying cable tv. There’s some amazing ones

 

[DarkBlack]

 

[ultrarunner]

You missed all the telecommunications taxes on your phone bill, or even more if you’re still buying cable tv. There’s some amazing ones

Never had cable or SAT… just rabbit ears now and before a Channel Master with rooftop rotor.

DSL was a work requirement as cell phone… I don’t own a cell but carry two.

Don’t have landline or Internet at home other than limited cell phone…

 

[CloverKnollFarms]

Taxes are our largest expense as well. We spend 2x as much on taxes, as we do to support a four member family.

 

[ultrarunner]

At least tractors are not like cars in California… if you decide to park your car and not operate it on a public road the state collects a Non-Op Fee instead of the on road registration fee.

 

[WinterDeere]

And, nowadays, if you don't pay enough through the year in the way of taxes, the government will FINE YOU, even if you do pay it in full by April 15th.

As far as I know, that is nothing new. I remember this being the case, all the way back to at least the 1990's. E.g. you can file an extension, but you'd better make sure you're paid in full or more, before you do. We've been dealing with a bit of a health crisis in our household this month, and so I'll likely be doing exactly that, for both home and business, this year.

So, even if they do get their money by the filing date, they will still FINE you a little extra for keeping your money.

Again, nothing new, but the fines have historically been pretty low. I remember being in a panic once about this, 25 years ago. I realized I owed something like $20k, and my head was spinning over what the penalties might be. If I recall, the total penalty was under $100.

That said, I'm no tax expert, other than having paid them every year for nearly 40 years.