Allan in NE
Well-known Member
Sold a tad of wheat. What the heck is "Tax pursuant to IRS code?
I pay tax to sell?
Allan
I pay tax to sell?
Allan
- Thread starter Allan in NE
- Start date
scott mcintosh
Member
Allan that is new one.I would talk to my tax man I would bet that is not right.Sounds like you may have a lean that you should not have.But with the spend happy goverment who knows?Scott
Anonymous-0
Well-known Member
Make darned sure the report that under your ITIN. Otherwise, you could be paying someone else's taxes. They should only deduct that if you are subject to backup withholding. You get tagged with backup withholding if you under-reported income or failed to report income in a previous year's return.
Jim Becker
Well-known Member
Just a guess, it may be some variation on income tax withholding. It may show up on a 1099 at year end. The place that bought the wheat should be able explain it and/or provide a document that explains what they did.
The government has probably noticed that too many people have been selling cash crops then "forgetting" it at tax filing time.
The government has probably noticed that too many people have been selling cash crops then "forgetting" it at tax filing time.
Ellis Kinney
Well-known Member
Allan, If you are conservative maybe you got on the wrong side of Lois Learner. Ellis
BoonvilleKid
Member
They"re spending our tax monies so fast in D. C. that they can"t wait until April of the following year to get it all settled. So, they grabbed some taxes when you sold. If they grabbed more taxes than they should have then they leave it up to you to prove with all the additional forms you"ll have to fill out that you are due a refund.
It is a "volunteer tax" withheld from your check everytime you sell wheat. It is suppose to be used for wheat research, etc. You can file a form to get this money back if you don't want to participate. A year or two ago they made it more difficult to obtain the form to apply for the refund. Starting in 2009, the tax was raised to 1 and 1/2 cents a bushel. I just wonder how much good this does or if it is mainly providing jobs for a few people. It doesn't sound like much, but figured over several years, even in my small operation, it has amounted to a fair amount of money.
Similar threads
We sell tractor parts! We have the parts you need to repair your tractor - the right parts. Our low prices and years of research make us your best choice when you need parts. Shop Online Today.
Copyright © 1997-2024 Yesterday's Tractor Co.
All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.
Yesterday's Tractors - Antique Tractor Headquarters
Website Accessibility Policy