Posted 12/25/2024 12:25 (#11025533 - in reply to #11025438) Subject: RE: Hey Boone and others, any tax advantages you care to share?
dogg4585 - 12/25/2024 11:28
What's this 400k retirement account you speak of? I'm guessing it's a tax deferment vehicle, or is it the holy grail of tax free wealth?
I'll start, not that I'm an expert.
1. Corp for SE tax minimization
2. HSA
3. Simple IRA for tax deferment 16k each (gotta pay SE)
4. Traditional IRA to defer another 7k each
5. Roth for the kids that help on farm
6. 179 and 1031 (be careful these actually help and not hurt)
You missed the big one driving farm sales the last 4 years. Buy a farm. Grid sample it. And depreciate the value of its nutrients .....can be a six figure deduction for multiple years, easily.
Hey Boone and others, any tax advantages you care to share?
