Question - Tax Id

[getsum]

OK-
I just got my TAX ID for Agricultural on my land.

Anyone have advice on this ?
What, where, all that I can use this for ?
Also -
Do I need to actually keep any paperwork from purchases ?
Do I need to file/fill out anything at the end of the year for this stuff ?

Can I use it when I purchase - corn, salt blocks, alfalfa bails , etc. <--- also ???

Just trying to save as much $ as I can since there is a lot of stuff bought over the year, but not mess up and do anything wrong, or to get me in trouble.

THANKS

 

[r00s7a]

You can buy anything farm related tax free. Keep ALL your receipts for the end of the year when you do taxes. Since you have a tax ID, I am assuming you have some kind of livestock, couple of chickens, cows or two, etc. I think you usually have to buy or sell livestock during the course of the year, so if you do take one to the sale barn or buy one, keep your receipts. I always took a big loss on my "farm", it sure helps on taxes at the end of the year.

 

[getsum]

I currently have zero livestock .

I plan to in the future, but at this time - no.

I applied for it and got it - the only thing they asked was if I had a tractor at the TAX office in Antlers.
Which I told them "NO"

Whole reason why I wanted it right no was to save on improvements for fences, tools, barbed wire --- all that encompasses making the place and keeping the place so that I can in the future do something with animals..

-----
ADVICE:
Does the past experience of you and others say---
I should purchase some chickens, or something like that right now so that I can be legit (for the short term) sinceI am not to that point... ??

 

[r00s7a]

Oh OK... when I applied for mine I had to have S/N for tractor that I supposedly own and they seemed to make a point that I had to have livestock of some kind. This was in a different county and a crabby old lady, not here in Antlers. You can give the CO-OP in Hugo, or Orschelen's or whoever you trade with your tax ID and they will keep it on file. You can get somewhat creative on what you can use it for, but of course if you ever get audited...

 

[tranger2]

Hey guys, how long you been in Antlers? I lived there until the early 80's and sure miss all the hunting and fishing....

 

[r00s7a]

I hadn't been here too long. Was living in Tulsa and couldn't take any more of the city life. Door opened up down here so I quit my job, booted the girlfriend, and moved down here so I can hunt and fish all the time. Somehow I make more money here doing less, and the quality of life is just uncomparable. It is beautiful down here, don't know why everyone doesn't want to live here... but I'm glad they don't.

 

[mike miller]

If you plan on purchasing several times from same business, a lot of the time they will make a copy of it for their records soyou don't have to drag it out all the time. Bought corn ,fencing supplies, supplies to bale hay even 4 wheeler saved the tax, benefit of the card.

 

[RustyW]

I live in Sequoyah County and I've had mine for about a year. At the time I asked about it all they wanted to know is how much property I had. I have a 20 year old Kubota tractor, brush hog, blade, & tiller attachment. I have no cattle and they told me that I didn't need any. I use it at Tractor Supply, Atwoods, and Walmart. Walmart has a form to fill out and they give you a card with what type of a tax exempt it is and you can buy tires, oil, batteries, etc. tax free. Only certain items are tax free, clothes are not. I'm the worlds worst about keeping up with paperwork. Luckily I haven't needed it. Yes it does add up over a years time. I saved almost $1,000.00 in tax buying parts for my brush hog, a weedeater, tires, oil changes, and tractor parts.

 

[skrinar70]

I am in McClain county and all they asked me when I got mine was if I had at least 5 acres.... I use mine for everything, and I dont have any stock either, I am planning on getting some come spring, but I have to get my fences in order first.....

 

[tranger2]

Oh OK... when I applied for mine I had to have S/N for tractor that I supposedly own and they seemed to make a point that I had to have livestock of some kind. This was in a different county and a crabby old lady, not here in Antlers. You can give the CO-OP in Hugo, or Orschelen's or whoever you trade with your tax ID and they will keep it on file. You can get somewhat creative on what you can use it for, but of course if you ever get audited...

Be careful how creative you get....
Good rule of thumb to live by...whatever you purchase, could you look a tax court judge in the eyes and said it was a legitimate expense...if so, you will never have problems....