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Re: Anyone else do their taxes already? [Re: AK Timber Tramp] #8321643
01/23/25 03:39 PM
01/23/25 03:39 PM
Joined: Nov 2024
Alaska
A
AK Timber Tramp Offline OP
trapper
AK Timber Tramp  Offline OP
trapper
A

Joined: Nov 2024
Alaska
My small trucks (1985.5 Toyota, 2001 Silverado, and a 2004 Silverado) are all for hunting/trapping, the biggest thing I haul around in any of them is a snowmobile or a dead moose. I have a problem buying every Cummins powered truck that I come across, I bought a 1995 12 valve when I was 17 years old and I quickly decided I liked them, so now 16 years later I have a collection (still have the original 12 valve that started it all). For fuel consumption it's hard to beat diesel, I can tow 20,000lbs on a gooseneck and still get at least 15mpg, ditch the trailer and I get 20+ even out of an old 12 valve, my 6.7 gets amazing mileage for a one ton (25+)

Re: Anyone else do their taxes already? [Re: AK Timber Tramp] #8321666
01/23/25 04:07 PM
01/23/25 04:07 PM
Joined: Jan 2007
MO
T
TreedaBlackdog Offline
trapper
TreedaBlackdog  Offline
trapper
T

Joined: Jan 2007
MO
best vehicle for tax advantages is interesting - it would vary upon needs, income, other deductions etc but could be determined over a few years - for example most farmers know roughly what they need to spend if they sell 80 calves at 1k a head. THey know what feed is going to cost, fuel, equipment etc and know overall how many dollars of expenses they need to spend yearly to reduce their tax burden to nothing. Same for big corporations - they know if they make so much in sales - they need so much of expenses to show no profit to pay no taxes. Regular Joe Shmoe working a 9-5 never gonna have a clue what it takes to get ahead themselves if they don't wisen up on tax code.

Re: Anyone else do their taxes already? [Re: Swamp Wolf] #8321853
01/23/25 08:28 PM
01/23/25 08:28 PM
Joined: Jan 2014
Virginia
5
52Carl Offline
trapper
52Carl  Offline
trapper
5

Joined: Jan 2014
Virginia
Originally Posted by Swamp Wolf
I've always chose to allow the maximum to be taken out of my payroll check (and now 12% fed & 7% state) so I have always got a refund. Most years it has been a pretty good one too.

So you loan 19% of your money to the feds and the state for the year free and clear, interest free?
I withhold as little as legally allowed without penalty so that I can draw interest on my money all year long instead of the government.

Re: Anyone else do their taxes already? [Re: AK Timber Tramp] #8321877
01/23/25 08:48 PM
01/23/25 08:48 PM
Joined: Dec 2006
East-Central Wisconsin
B
bblwi Offline
trapper
bblwi  Offline
trapper
B

Joined: Dec 2006
East-Central Wisconsin
We get 1098 forms from our brokerage firm or firms. Many times there is an original one and then a final one, many times the final one comes in very late March or early April, which is one reason we wait longer as well. I typically know what I will owe or recieve in a refund long before we file so ther is no real surprises. Mot times the changes in the 1098 forms are very small but filing with the the incorrect numbers is easily audited by the IRS.

Bryce

Re: Anyone else do their taxes already? [Re: AK Timber Tramp] #8321930
01/23/25 09:27 PM
01/23/25 09:27 PM
Joined: Feb 2014
Ky
J
jbyrd63 Offline
trapper
jbyrd63  Offline
trapper
J

Joined: Feb 2014
Ky
Every tax guy I’ve used says try to figure out as close to zero owed or refunded. Don’t let Feds use it all year

Re: Anyone else do their taxes already? [Re: TreedaBlackdog] #8321963
01/23/25 10:00 PM
01/23/25 10:00 PM
Joined: Feb 2020
Indiana
P
Providence Farm Offline
trapper
Providence Farm  Offline
trapper
P

Joined: Feb 2020
Indiana
Originally Posted by TreedaBlackdog
5 or more vehicles the actual cost has to be used. 4 and under standard mileage can be used - even SUV for farm use


My wife tracks her/our milage on deliveries and farm related longer trips like conferences. Of course many miles of short trips that are combined personal( groceries) and farm ( picking up feed) don't get included. And we miss out on some dedications. Part of that is being lazy and the other not wanting to have a single thing that is even remotely questionable..

Re: Anyone else do their taxes already? [Re: AK Timber Tramp] #8368870
03/20/25 11:39 AM
03/20/25 11:39 AM
Joined: Dec 2006
Salina Kansas
S
SalinaKSCooner Offline
trapper
SalinaKSCooner  Offline
trapper
S

Joined: Dec 2006
Salina Kansas
It's much nicer to get money back than to have to pay more. By the way, I read here that in the U.S., there are even whistleblower programs for tax evasion cases where financial rewards can be obtained.

Last edited by SalinaKSCooner; 03/23/25 06:10 PM.
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