| 4020_404 - 12/2/2024 08:27
There was a thread just a couple days ago touching on this, except it went a step further trying to pinpoint $/Hr. made on the farm. Many people are of the opinion you can't pinpoint it because there's too many variables. I think it's rather easy (you can calculate some long range things in a couple of different ways if you wish, but the money from beginning to end of the farming operation is the same), some of the things people say they/others use to pad the numbers is just silly. Whatever % of the electricity you use for the farm, that is a farm expense. I made about $5-6/hour net profit averaging the last few years besides this year. This year included, $2-4 average, maybe? And that is with outside parties saying I'm running lean (not buying anything I don't need), and doing a good job. To make what I say my income is actually hit home for anyone looking at it and think I'm being delusional because "no one can live off of that", there is NO WAY on earth I could farm if my wife didn't work off the farm. I pay all the farm bills, but only a fraction of the non-farm bills, I don't go anywhere or do anything to save fuel. I do the farm, hang out with my wife, clean the house, and the rest of the time is cheap hobbies. There's absolutely no point in my wife having to do any house cleaning if she makes 6-12x(net as well) the $2-4/hour I do. I'm actually considering learning how to do my wifes nails and hair dyeing. With what the salon charges, that's a damn good wage!
I will argue the point about the percentage of electricity and other expenditures, unless you have 2 meters you really do not know how much goes where, the fram insurance insures the house, I would bet 99% of those on here take that deduction 100%, if w vehicle is depreciated on the farm are you telling me that it never gets used to buy groceries, go to church, run to the doctor etc>? The gravel n the driveway, do you deduct that 100% or to you take only take a portion if that is access to your house? You get the idea. |