Quote:
Originally Posted by displacedinMN
I just hate that I work hard, supposed to get more money, and it goes back into taxes for the city, school (see below) and everyone wants more. Every bill went up Jan 1. DTV, water, paper etc.
The city decided to build a new city hall and pool. I am close to paying as much in taxes as my house payment. Which I get no credit for. F Hennepin County.
We prepaid a lot. We do not have anything taken out for farm cash rent, so we have to prepay it. I get no credit for tuition for kid because I MAKE TOO MUCH MONEY.
Let me tell you what it is like to be a teacher in the district I teach in.
I voted for the referendum. It usually helps with a pay raise. I will pay more in property taxes and income tax so that I can get a pay raise so I pay more taxes. The ultimate vicious circle.
Our school district is still 5 Mill in the hole because the Fed government does not fully fund Special Ed. Meaning I may lose my co-worker who I really like. And may have to train someone new. I hate that.
ok. /rant for now.
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Hey man, if you don't like paying tax on the farm rental, let me shoot you my address and SSN and they can send the checks to me. I'll happily pay tax on a new income stream. Particularly if it is passive.
Really though, I feel you on FUUUUUUCK taxes. I don't mind paying taxes for basic shit - infrastructure and security and the like that I can't provide myself, but these taxes are ****ing hogshit.
If you want to get REALLY wound up,
44.4% of Americans will pay $0 of Federal Income Tax That is so mind bogglingly ****ed the **** up, I can't even come up with words.
On the practical end, if your farm rent is sharecrop, the guidance from the IRS indicates that it would be eligible for the QBI deduction, which would help.
Other than that, just know you're not alone in the boat you're in. Property taxes in my county (at least on Ag land) have almost doubled since 2012, I feel your pain. I set up an S-Corp on the farm because the most expensive thing I could do was retain earnings. Couple that with cornholes I know that get EITC, and it is damned maddening.
I got you, man...*bro-fist*