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The Benefits of Soil | Get A Farm Deduction To Minimize Your Tax Burden

Posted by Jim on Jul 28th, 2012 · 4 Comments

Benefits of Soil, farm reduction, tax burden

The tax benefits of soil AKA “farming” can be significant in many states. All 50 States give preferential property tax rates to agricultural land in an effort to help farmers and to prevent Urban Sprawl. Never thought you had the ability to run a farm? Well who knows, you may discover a passion for it and even better, make a profit. In Ohio, a “farm” must be at least 10 acres or have...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

The Benefits of Soil | Get A Farm Deduction To Minimize Your Tax Burden

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