And lay the parts out in order as you removed them. E.g. if you lay them out left to right and top to bottom, then you can start in the bottom-right and work your way left-and-up to put it all back together.
Screws left over equates to weight reduction. Weight reduction equates to better efficiency and performance. And at the end of the day thats our goal. At least that's what I tell myself.
My wife has done accounting for years for a number of different types of small businesses. They ALL think there's someway they can "avoid" paying taxes. So far, in 30 years, NONE of them have been able to do that. You may defer taxes, but if you make money above allowable deductions - you pay taxes. You're not going to legally outsmart the government and their 70,000+ pages of tax laws. If you have a tax CPA involved - follow their advice. The last thing you want to do is waste time and money playing games with the IRS - they have nearly unlimited resources, employees, and time.
No kidding im not all that educated on the topic and dont pretend to be but to me it sounded like he is trying to con and scheme the irs in whatever "legal" fassion he can and hes telling us about it here on RUclips. I say just pay the taxes it sucks but there really is no avoiding it.
Or - 1. you start a foundation. 2. You become friends with other foundations. 3 you donate to their foundation and they donate to the other foundations and the money goes round and round until the money it nice and laundered and everyone in their each foundation gets paid all their salaries and deducts all their expenses traveling to meetings about their foundations.
@@sh3ll3yb You need to read the IRS regulations for foundations. You can't take a salary in excess of employees of other foundations of the same type. In some cases, you are precluded from working for the foundation. You still have to pay income tax on your salary or earnings from the foundation - the source of the money doesn't make it tax free. Your expenses have to be justified and accounted for and can't zero out your earnings. Again, it's not as easy as you want it to be. If you think the IRS isn't aware of all of the potential ways to dodge taxes - you're kidding yourself.
Everyone has a tax-free threshold in most countries. Pay everyone in the family a tax-free salary, then put all the rest towards buying more equipment for the business. If your business can't claim certain deductions, then simply modify your business so that it can. I don't know what the tax-free threshold is in US, but in Australia it is a little over 20k after the low income offset. If you pay Cole, Cooper, DC, MC and Nave a total of 100k, it's all tax free. Any excess in the farm business can buy new equipment and assets so that the balance sheet is zero each year. Zero personal tax. Zero business tax. All 100% legal. Another smart thing is to create multiple businesses, either sole trader or company. That gives more opportunities to get all different kinds of deductions for each type of business, especially if you are struggling to get so many deductions approved for just one business. Correct me please if I'm wrong?
what i did to help cut back on the taxes that i had to pay was that i installed new energy efficient windows, doors, hot water heater, and an HVAC system onto my house. Also, if you have someone blow insulation into your walls, it reduces your taxes. It has something to do with the carbon footprint of your home and the energy efficiency. I saved over three thousand dollars in owed taxes.
Speaking as a person who was in retailfor 30 years, retailers aren’t too worried about people taking motors out of small appliances or vacuums, but manufacturers now makes most small appliances so they are disposable, they don’t make them to be repaired. This is why most are incredibly difficult to take apart and many just can’t be repaired as replacement parts are impossible to get, or cost prohibitive.
Buy equipment and realestate. Thats what i do! Bought a dump truck in 2020 and buying my 3rd rental property in January. And im your age Cole, im glad to see another guy my age so ambitious and wanting his business to be successful.
@@jtn-minn8105 you are correct except if you were to buy a farm with a house or buildings there is depreciation. Also if you end up buying stuff for the land that would be considered expenses you are spending money and in turn reduce the tax bill.
No doubt, my Roomba doubles as a fabric spinning wheel with our house wrecking husky running around the house. Although, our Roomba is 5 years old and has required no major repairs except brushes, filters, and quick to replace battery.
Darren Lincoln My German Shepard's hair clogged my roomba up. I finally got it out using tweezers to pull it out from the moving parts. I decided it would be better if I got off my lazy butt & used the broom & vacuum. Plus the cats & dog didn't have to constantly move to let roomba get by.
You know you keep mentioning you're sorry it may seem like a very boring time as you're doing a lot of like behind the scenes maintenance of your shop and your finances in preparation for the new year and grain bin site, but I have to say I have never once been bored. I started watching from I think one of the first videos you posted about renovating your house and I've stayed ever since. I've been watching for definitely half a year if not more, and I'm really excited to see how you prepare your fields in the new year. As a supervisor in retail who's been left in charge of a shop I can appreciate when you spend time on organising the place where you work. For me, it makes it so much easier to prep for sale events when you know where everything is. When its quiet and I have enough staff (I've gone from having managerial support and 9 staff to just me supervising 3 others) I love spending time 'back of house' as it were sorting the Point of sale posters/graphics and stock so we know where everything is when we have to launch a sale event. Anyway I digress, my point is, I really appreciate you showing us this side of farming as well. I'm picking up loads of great ideas for organisation so thanks for that and have a good christmas all of you :)
I appreciate the effort you put into "running the business". It's a side of farming that often gets overlooked and definitely a key component to the longevity of an operation.
my dad grew up on a farm. always something needs to be fixed but you learn how to fix a lot of stuff from experience. I always benefited from him fixing my cars or whatever!
Before the rock freezes down you can put a piece of steel or pvc pipe over the cutting edge (by cutting a slot out of the side length wise). This will keep you from cutting into the stone
@@rickwensel2313 I don't see how considering it's all driven by American corporations trying to extract the maximum amount of profit possible from the consumer. Look into the 'right to repair' movement...
@@1001ewaste if you wanna learn about the right to repair movement Louis Rossman is a good channel to look at altho most of the time he talks about apple and stuff they are normally a company that does this a lot he also owns his own computer repair shop
@@rickwensel2313 so weird of you to say something like this. China builds these things for American (and other nations) based on the companies engineering specs. They don't do the design. Chinese designed equipment is actually usually very simplified and built to last (their products not ours that the make for us designed by our corporate overlords)
@@danielc.1227 Yeah been a subscriber for years and a few others as well electronics related and otherwise. RUclips is a great resource for getting a message out to the consumerist masses.
Amazes me...the accounting work the business of farming takes! What an incredible thinking process it all takes...MAJOR problem solving skills! Impressive.
Cole I totally get it. I changed the battery in my iPhone. OMG easily the most nerve racking thing I have ever done. There is so much they don’t tell u about the inside. I was successful but I whole heartedly believe it’s worth it to pay a tech to do it.
Thanks for the behind the scenes information about taxes in America and farming. Pre Planning is 90 percent of the work. Stay safe and healthy Cole. Hi to all the Cornstar family.
Well if he loans the farm his money, which is what I understand the plan to be. The return of that loan/ investment is taxable for him. So yeah the farm which loans the money dosen’t need to pay taxes of their loan but he will need to of the return of it from the farm. But I would imagine it would only be the profit of that loan that was taxable or?
Hi Cole, just wanted to share some advice I got from my accountant regarding deferring taxes. If your deferred tax bill after 4 years is the same as paying taxes every year for 4 years always defer your taxes. Take your 25k a year you would use to pay taxes and instead invest the money in a conservative investment. After 4 years you'll have your 100k principal plus interest. When taxes are due sell your investment and use your principle to pay your tax bill then pocket the interest. At a conservative 4-5% return a year you could earn 8k-10k in interest over the course of 4 years by investing 2k a month. Obviously, every individual situation is different but it's always good to consider all options when making decisions especially relating to taxes.
Some folks around here have put in cucumbers or broccoli or even a couple hundred acres of blackberries to offset the usual crops. All of those make money. We put in 60 acres of organic resberries and made a good ROI, but the key is making sure you have somewhere to sell whatever you plant.
Great content. It’s always nice to hear the dark side of the business and the decisions and conversations that happen behind the scenes! Keep the great content coming. I really get a lot out of videos like this one. It helps me to think about my business by watching your experiences.
Cole I really enjoy all of the videos. I want to thank you for going into detail on the financial side of things too. You really put things in to perspective and I am taking some of the ideas you have and am using that in mine and my family’s operation as well! You have to be one of the most financially wise young farmers there is. Thanks again!
When one side of my "Wilson" works poorly like that it is almost always because hair or dust has gotten around something it shouldn't have. But since I don't have your spunk I just take it back if it's under warranty. My husband is more your style, "Let's take it apart to see what we find!"
I don’t know how anybody thinks it’s ok that most videos he says it’s 2:00am and just going to bed.... So headaches might just be cause he’s not getting 8hrs of sleep!!!!
@@douglasmccolm255 except that the entire 8hours of sleep thing isn't a real thing (at least the Everyone should get a continuous 8hours unbroken). Most people function more optimally if their sleep is broken into separate times (which will vary based on which type the person is Morning/midday/night owl) and our agrarian ancestors usually slept between 4 to 6 hours with a middle of the night waking period and a middle of the day "napping" period.
Cole, I'm amazed how good you are at just taking things apart and figuring out how they work! I'd NEVER get anything put back together if I tried that, lol. Nice seeing you w/o a hat on, your hair looks better and better the longer you grow it!
People should do more videos like this in general. More people need to understand what a CPA is and how to handle taxes because that’s a big thing in life you’re doing great things brother
Problem is, when non accountants try to explain taxes, it's incomprehensible. Cole raised more questions for me than he answered. What is the corporate structure of the farm? Why can't an owner loan the farm money without tax consequence? Is Cole's $250,000 actually his profit from Cole Productions, Inc. and he's trying to find a way not to pay tax on that? Why would you try and get a loan for the grain storage personally rather than through the farm? I'm sure his CPA/lawyer did a great job. But Cole shouldn't try to explain tax planning in 90 seconds.
I agree completely. Most non-farm people have a bunch of myths that need to be dispelled. Farming is probably one of the most difficult and complex businesses to run.
@@robras8805 Most of your questions are very personal. We don’t need to know where Cole got the money from. He did explain in a video that he has saved a lot and he has another job besides the farm and You Tube. I don’t need to know any more then what he told me because I respect his privacy. I’m grateful for what he has shared with us about their farm and finances because we do get to see how expensive everything is.
I don’t agree with taxes on certain things/profits. But paying them is way less stress than dealing with an audit/penalties in front of you. You do a great job cole with the numbers side.
Diversify your business portfolio by creating a Caymen Islands based consulting firm. Hire Nave as an "agronomist" working for that company. (disclaimer: Not a CPA or lawyer)
Hi Cole- I find all your videos very interesting and entertaining. Hearing your explanations about taxation etc is most educational and I love learning new stuff even if ts rudimentary or general/ Thanks for sharing your sense of humour and the more serious side of life on the farm! Many Blessings.
@@joconnor3567 Would appreciate some advice or input please, as I'm also new to tax and business, but this seems to be my understanding, so if you could comment on it, I would be grateful. Everyone has a tax-free threshold in most countries. Pay everyone in the family a tax-free salary, then put all the rest towards buying more equipment for the business. If your business can't claim certain deductions, then simply modify your business so that it can. I don't know what the tax-free threshold is in US, but in Australia it is a little over 20k after the low income offset. If you pay Cole, Cooper, DC, MC and Nave a total of 100k, it's all tax free. Any excess in the farm business can buy new equipment and assets so that the balance sheet is zero each year. Zero personal tax. Zero business tax. All 100% legal. Another smart thing is to create multiple businesses, either sole trader or company. That gives more opportunities to get all different kinds of deductions for each type of business, especially if you are struggling to get so many deductions approved for just one business. And also allows a zero VAT/GST tax if each business claims deductions smartly, or stays unregistered below turnover thresholds (75k in AU). Correct me please if I'm wrong?
As a small business owner, I appreciate you giving us a look at the administrative side of farming. We need to plan and crunch numbers for future success!
Good lock with Wilson! There's often a screw underneath the label. you can feel an opening when you press on the sticker, then you can poke a hole in the sticker to access the screw.
I think you don't need to apologize about your content. Some might think it's boring cause all they wanna see is action but other number nerds like myself find this kind of content very interesting. Any how it gives very truthful picture about farming, I think that's important 👍😊
Technology has definitely gone backwards, that I why I use a hp laser jet 4100 that was made in the United States in 2000. It has printed a little over half a million pages in the past 20 years. In 20 more years it will still be working.
@@elewysoffinchingefeld3066 I am only 40 years old but I remember when I was a kid refrigerators basically lasted forever and people only bought new one's due to style and color changes. I can not believe how many 3-5 year old refrigerators sitting on the curb on trash day now.
Wise man you are planning Ahead! Isn’t self employed Fun? Learning how the Tax stuff work early in career will make each year later easier and easier. Thanks Cole for sharing videos! Great work. Love seeing what your family is up to.
Love all the videos. I even got my five year old daughter hooked now. Today is my birthday and my lovely wife got me the best present. A "Cole the Cornstar" hoodie. I will will wear it proudly. God bless you all.
Disclaimer: not a tax lawyer or CPA. Our IRA investment guy says tax rates are comparatively low right now. If Biden/Harris get in that will change as they pledged to raise taxes. That may not affect 2021 but I'd choose to pay taxes on deferred income that's no longer deferred when the tax rates are lower rather than higher. If Trump gets in, you have more time, but I would still keep an eye on the tax rates from year to year. Best of luck.
You're a lot further ahead on taxes than me....I tried doing my taxes once (not the EZ forms) and after about two hours, I was sitting at the table and sobbing. I hired that out. Sometimes, it's just not worth struggling and doing it wrong...especially when it comes to taxes.
Please don't apologize for telling the truth about the business side of the work--people NEED to know how much paying attention to the financials MATTERS. That's how you get ahead, doing the hard numbers crunching, taking care of your assets, and asking for advice when you need it. You're demonstrating ALL the qualities of a good business manager.
Andrew Oborny Bare land cannot be depreciated. Only improvements(tile, fence, buildings, excessive fertility:tough one to justify) can be depreciated. Bare land has to be paid for with after tax income.
Cole a dollar today is worth more than a dollar tomorrow. You push that tax bill out as long as you can. With a good accountant there is always a way to minimize the tax bill.
Your head hurts from all that number crunching. Seriously, you have a lot to decide for a 23 year old guy. I'm glad you have lots of informed input from family and friends.
They don’t want you fixing Wilson on your own. They want you to send it in for repairs so they can make more money. I admire your tenacity and ingenuity.
I'm proud of you, you actually are thinking about "the day of reckoning" (the time when either you or someone in your family will eventually have to pay taxes.) Good job, a lot of people do not want to think about this or just don't care.
Ironic that some of those asking about Nave are the same ones that were on a high self righteous horse when they thought she was living on the farm.... Yes, they were or are a cute couple but we only see a few minutes of their day and it's their life. Cole has the farm and his family, if Nave shares in that great and if not well....someone else will. Leave them alone and let them be the young adults that they are, in the end everything works out the way God wants it to.
EXACTLY! And, if your lawyer is NOT a CPA, find someone who is. (Also, some CPA's have a CMA - Certified Management Accountant - designation). They can be Really be an advantage.
Hey Cole - you're using the tool you need already to remember how to reassemble Wilson! Take video and annotate as you move wires, unplug screws and connectors - and just have your laptop nearby for assembly to watch yourself so you remember where it all goes.
Gotta love doing farm taxes . I pay a financial advisor to do mine plus I invest in stocks and a 4o1k. The hassle of the new bin project will be worth it . I invested in more land . We used to custom farm 800 acres for a neighbor but now I rent that 800 acres . Keep on keeping on my friend !
Separate the motor from the gearbox and Google the numbers on it. Those look like standard catalog motors. You'll also find out what voltage the motor runs at so you can test just the motor. If the motor tests fine, then you'll have to buy a 3D printer to make replacement gears.
he drove a$500 car for several years (that he still owns), has 3 or 4 jobs (youtube ad revenue, merchandise sales through youtube, channel sponsers (viper sunglasses, ariat, etc.), grave digging and farming, plus he has done some video/edits for other people as well), doesn't have a mortgage, they run all of their expenses through the farm for the most part and he gets to write off of alot of his projects or at least some of the expenses because they are featured in his videos.
$10,000-15,000 a month from the tube ads up pretty fast....Its all about subs,views,and likes...and pumping out vid's as fast as they can, the tube is way more profitable then farming.
You know, Cole, I for one like these videos about the back office stuff. I've always been the type who likes to know how things work and these kinda show the rarely seen side of farming. Anyone can stick a gopro to a tractor or combine and show the field work, (don't get me wrong,I like that too) but this opens people's eyes to the how's and why's. Like I never knew about the real costs of farming until you did that video about the farm losing $239K one year. More people I think need to see that stuff so they understand part of why they pay what they do at the grocery store. Anyway, love the content, been subscribed for a little while now and please keep up the good work. God bless, Jeremiah 29:11.
when you take anything apart just take a picture so you know where everything goes when you put it back together.
This sounds like what I did with all the baby bottles I got as gifts...#firsttimemom #babystillisntborn #40weeks
Unfortunately, you are obviously too late with that bit of wisdom👀😎🤣
And lay the parts out in order as you removed them. E.g. if you lay them out left to right and top to bottom, then you can start in the bottom-right and work your way left-and-up to put it all back together.
Or make a RUclips video of it. 😜
Better yet don’t put it back together
Screws left over equates to weight reduction. Weight reduction equates to better efficiency and performance. And at the end of the day thats our goal. At least that's what I tell myself.
Combine self destructs in a field. Cole: "I got this."
Roomba stops working. Cole: "MMMAAAHHHHMMMMMM!!!"
Who wants to see if Wilson will work once put back together? 🤕
I'd bet It will.
HA!
Not. That part is probably not available or costs more than a new Wilson.
Call Cooper...got welder!!!
Cooper will have to put it back together i bet
My wife has done accounting for years for a number of different types of small businesses. They ALL think there's someway they can "avoid" paying taxes. So far, in 30 years, NONE of them have been able to do that. You may defer taxes, but if you make money above allowable deductions - you pay taxes. You're not going to legally outsmart the government and their 70,000+ pages of tax laws. If you have a tax CPA involved - follow their advice. The last thing you want to do is waste time and money playing games with the IRS - they have nearly unlimited resources, employees, and time.
No kidding im not all that educated on the topic and dont pretend to be but to me it sounded like he is trying to con and scheme the irs in whatever "legal" fassion he can and hes telling us about it here on RUclips. I say just pay the taxes it sucks but there really is no avoiding it.
This is a weird system.
Or - 1. you start a foundation. 2. You become friends with other foundations. 3 you donate to their foundation and they donate to the other foundations and the money goes round and round until the money it nice and laundered and everyone in their each foundation gets paid all their salaries and deducts all their expenses traveling to meetings about their foundations.
@@sh3ll3yb You need to read the IRS regulations for foundations. You can't take a salary in excess of employees of other foundations of the same type. In some cases, you are precluded from working for the foundation. You still have to pay income tax on your salary or earnings from the foundation - the source of the money doesn't make it tax free. Your expenses have to be justified and accounted for and can't zero out your earnings. Again, it's not as easy as you want it to be. If you think the IRS isn't aware of all of the potential ways to dodge taxes - you're kidding yourself.
Everyone has a tax-free threshold in most countries. Pay everyone in the family a tax-free salary, then put all the rest towards buying more equipment for the business. If your business can't claim certain deductions, then simply modify your business so that it can. I don't know what the tax-free threshold is in US, but in Australia it is a little over 20k after the low income offset. If you pay Cole, Cooper, DC, MC and Nave a total of 100k, it's all tax free. Any excess in the farm business can buy new equipment and assets so that the balance sheet is zero each year. Zero personal tax. Zero business tax. All 100% legal. Another smart thing is to create multiple businesses, either sole trader or company. That gives more opportunities to get all different kinds of deductions for each type of business, especially if you are struggling to get so many deductions approved for just one business. Correct me please if I'm wrong?
what i did to help cut back on the taxes that i had to pay was that i installed new energy efficient windows, doors, hot water heater, and an HVAC system onto my house. Also, if you have someone blow insulation into your walls, it reduces your taxes. It has something to do with the carbon footprint of your home and the energy efficiency. I saved over three thousand dollars in owed taxes.
I feel you Cole. I get migraines when the weather changes a week before a storm hits.
Speaking as a person who was in retailfor 30 years, retailers aren’t too worried about people taking motors out of small appliances or vacuums, but manufacturers now makes most small appliances so they are disposable, they don’t make them to be repaired. This is why most are incredibly difficult to take apart and many just can’t be repaired as replacement parts are impossible to get, or cost prohibitive.
Buy equipment and realestate. Thats what i do! Bought a dump truck in 2020 and buying my 3rd rental property in January. And im your age Cole, im glad to see another guy my age so ambitious and wanting his business to be successful.
Yes realestate 🤑
Bare farmland? Is bought with after tax money....you can deduct the intrest if you barrow the money though.
@@jtn-minn8105 you are correct except if you were to buy a farm with a house or buildings there is depreciation. Also if you end up buying stuff for the land that would be considered expenses you are spending money and in turn reduce the tax bill.
I told you, women's long hair can destroy your Roomba. I have 4 long haired women in the house and our poor Roomba gets all tied up in hair.
No doubt, my Roomba doubles as a fabric spinning wheel with our house wrecking husky running around the house. Although, our Roomba is 5 years old and has required no major repairs except brushes, filters, and quick to replace battery.
I finally threw my wilson out. Lol
Darren Lincoln My German Shepard's hair clogged my roomba up. I finally got it out using tweezers to pull it out from the moving parts. I decided it would be better if I got off my lazy butt & used the broom & vacuum. Plus the cats & dog didn't have to constantly move to let roomba get by.
@@darlenemeek2201 Our bigger cat doesn't budge for the roomba. She will push it away and go back to napping....
Or maybe coopers
It's all part of owning a farm, I like to learn about this too. You keep it interesting
As a small retail business owner in Canada, I find the financial side of your farm to be fascinating. Thanks for sharing!
Yes cole uploaded best part of the day
You know you keep mentioning you're sorry it may seem like a very boring time as you're doing a lot of like behind the scenes maintenance of your shop and your finances in preparation for the new year and grain bin site, but I have to say I have never once been bored. I started watching from I think one of the first videos you posted about renovating your house and I've stayed ever since. I've been watching for definitely half a year if not more, and I'm really excited to see how you prepare your fields in the new year. As a supervisor in retail who's been left in charge of a shop I can appreciate when you spend time on organising the place where you work. For me, it makes it so much easier to prep for sale events when you know where everything is. When its quiet and I have enough staff (I've gone from having managerial support and 9 staff to just me supervising 3 others) I love spending time 'back of house' as it were sorting the Point of sale posters/graphics and stock so we know where everything is when we have to launch a sale event. Anyway I digress, my point is, I really appreciate you showing us this side of farming as well. I'm picking up loads of great ideas for organisation so thanks for that and have a good christmas all of you :)
Bet you just voided “Wilson’s” warranty!
I won’t doub it
The Warranty was likely useless anyway, although hopefully he at least tried that avenue before disassembly.
Yeah, I have the same one, and the warranty covered it
I'd just return it for a new one....lol
Warranties void the moment you take it out of the box with all the Ts and Cs
I appreciate the effort you put into "running the business". It's a side of farming that often gets overlooked and definitely a key component to the longevity of an operation.
It’s called running a business. Thank for you all for what you do to feed us
my dad grew up on a farm. always something needs to be fixed but you learn how to fix a lot of stuff from experience. I always benefited from him fixing my cars or whatever!
I don’t think I’ve ever seen drone footage of the farm yards that would be really cool!
Before the rock freezes down you can put a piece of steel or pvc pipe over the cutting edge (by cutting a slot out of the side length wise). This will keep you from cutting into the stone
They build things like that so you can’t fix it so you have buy another one and therefore they make more money.
@@rickwensel2313 I don't see how considering it's all driven by American corporations trying to extract the maximum amount of profit possible from the consumer. Look into the 'right to repair' movement...
@@1001ewaste if you wanna learn about the right to repair movement Louis Rossman is a good channel to look at altho most of the time he talks about apple and stuff they are normally a company that does this a lot he also owns his own computer repair shop
@@tr3c00l91 based on the condition of that unit I am betting it is out of warranty.
@@rickwensel2313 so weird of you to say something like this.
China builds these things for American (and other nations) based on the companies engineering specs.
They don't do the design.
Chinese designed equipment is actually usually very simplified and built to last (their products not ours that the make for us designed by our corporate overlords)
@@danielc.1227 Yeah been a subscriber for years and a few others as well electronics related and otherwise. RUclips is a great resource for getting a message out to the consumerist masses.
Amazes me...the accounting work the business of farming takes! What an incredible thinking process it all takes...MAJOR problem solving skills! Impressive.
This might be why Cooper does the mechanical work on the farm.😂
Good thinking that just might have given Wilson a chance
Cole I totally get it. I changed the battery in my iPhone. OMG easily the most nerve racking thing I have ever done. There is so much they don’t tell u about the inside. I was successful but I whole heartedly believe it’s worth it to pay a tech to do it.
When you need a lawyer and accountant to deal with taxes it means your government is working against you not for you lol
pro trick : watch series at Flixzone. I've been using it for watching a lot of movies during the lockdown.
@Xander Keagan Yea, I have been watching on flixzone for years myself :D
@Xander Keagan yup, I've been watching on flixzone for months myself :)
You don't need Wilson, just sweep the dirt under the rug just like you're doing with the Nava subject.
Mark W. I've been thinking I've missed something here...what happened.???
If you have extra screws in the end your just more efficient.
If you don't have extra screws - you did it wrong!
Weight reduction
When I was a kid I thought the extra screws were so they could charge more money.
"extra parts" are one of the things I fear most when reassembling laptops.
Thanks for the behind the scenes information about taxes in America and farming. Pre Planning is 90 percent of the work. Stay safe and healthy Cole. Hi to all the Cornstar family.
Hint: The money you get from loans is not taxable as income, at least where I'm from.
Well if he loans the farm his money, which is what I understand the plan to be. The return of that loan/ investment is taxable for him. So yeah the farm which loans the money dosen’t need to pay taxes of their loan but he will need to of the return of it from the farm. But I would imagine it would only be the profit of that loan that was taxable or?
Hi Cole, just wanted to share some advice I got from my accountant regarding deferring taxes.
If your deferred tax bill after 4 years is the same as paying taxes every year for 4 years always defer your taxes. Take your 25k a year you would use to pay taxes and instead invest the money in a conservative investment. After 4 years you'll have your 100k principal plus interest. When taxes are due sell your investment and use your principle to pay your tax bill then pocket the interest.
At a conservative 4-5% return a year you could earn 8k-10k in interest over the course of 4 years by investing 2k a month. Obviously, every individual situation is different but it's always good to consider all options when making decisions especially relating to taxes.
When I told my family about you guys, they thought it was COLE THE CORN STALK, so that’s what we call you now 😂. Love your videos!
🤣🤣🤣
🤣😂🤣
Some folks around here have put in cucumbers or broccoli or even a couple hundred acres of blackberries to offset the usual crops. All of those make money. We put in 60 acres of organic resberries and made a good ROI, but the key is making sure you have somewhere to sell whatever you plant.
Did I just watch a Cole The Cornstar video without being told to hit the "Like" button? It's a Christmas miracle! 😆
AND he didn't even remind you he had MERCH for sale!!!!! It truely IS a MIRACLE!!!! LOL
@@waynelettau6350 Or try to sell us pit vipers!
Great content. It’s always nice to hear the dark side of the business and the decisions and conversations that happen behind the scenes! Keep the great content coming. I really get a lot out of videos like this one. It helps me to think about my business by watching your experiences.
I'm 11 and I've learn ed a lot of financial through you
Im also 11 bro
same here thanks cole
Awsome ask your parents to get a secured credit card in your name and they can use it as a gas card to help build your credit 😀
And when they don’t pay it off you get a bad credit rating. Not a good idea.
@@weka6533 lol
Cole I really enjoy all of the videos. I want to thank you for going into detail on the financial side of things too. You really put things in to perspective and I am taking some of the ideas you have and am using that in mine and my family’s operation as well! You have to be one of the most financially wise young farmers there is. Thanks again!
I will volunteer as a non working, non showing up highly paid employee if that would help you. Ho ho ho
Yes a sinecure engagement is best!
When one side of my "Wilson" works poorly like that it is almost always because hair or dust has gotten around something it shouldn't have. But since I don't have your spunk I just take it back if it's under warranty. My husband is more your style, "Let's take it apart to see what we find!"
Drink water or your magnesium is usually low , that might be the reason for most headaches Cole!
I drink Fiji water for that reason! It's high in Magnesium. I take a Magnesium supplement too which stops leg cramps.
I don’t know how anybody thinks it’s ok that most videos he says it’s 2:00am and just going to bed.... So headaches might just be cause he’s not getting 8hrs of sleep!!!!
@@douglasmccolm255 that happens with me, if I get more than 9 hours, I get a headache so I try to get about 7 to 8 hours.
@@douglasmccolm255 except that the entire 8hours of sleep thing isn't a real thing (at least the Everyone should get a continuous 8hours unbroken).
Most people function more optimally if their sleep is broken into separate times (which will vary based on which type the person is Morning/midday/night owl) and our agrarian ancestors usually slept between 4 to 6 hours with a middle of the night waking period and a middle of the day "napping" period.
I take magnesium as a vitamin supplement, now I just have to figure out what is needed for the occasional pain in the behind
Cole, I'm amazed how good you are at just taking things apart and figuring out how they work! I'd NEVER get anything put back together if I tried that, lol. Nice seeing you w/o a hat on, your hair looks better and better the longer you grow it!
People should do more videos like this in general. More people need to understand what a CPA is and how to handle taxes because that’s a big thing in life you’re doing great things brother
Problem is, when non accountants try to explain taxes, it's incomprehensible. Cole raised more questions for me than he answered. What is the corporate structure of the farm? Why can't an owner loan the farm money without tax consequence? Is Cole's $250,000 actually his profit from Cole Productions, Inc. and he's trying to find a way not to pay tax on that? Why would you try and get a loan for the grain storage personally rather than through the farm? I'm sure his CPA/lawyer did a great job. But Cole shouldn't try to explain tax planning in 90 seconds.
I agree completely. Most non-farm people have a bunch of myths that need to be dispelled. Farming is probably one of the most difficult and complex businesses to run.
@@robras8805
Most of your questions are very personal. We don’t need to know where Cole got the money from.
He did explain in a video that he has saved a lot and he has another job besides the farm and You Tube.
I don’t need to know any more then what he told me because I respect his privacy.
I’m grateful for what he has shared with us about their farm and finances because we do get to see how expensive everything is.
I don’t agree with taxes on certain things/profits. But paying them is way less stress than dealing with an audit/penalties in front of you. You do a great job cole with the numbers side.
I think we need some Christmas lights on the bins next year.
I love hearing you talk about financials I learn something new every time.
You went outside with a migraine in the snowblinding 🌞 W/O your pitvipers?
Exactly! Stay in the dark!
I was just gonna say that!
Diversify your business portfolio by creating a Caymen Islands based consulting firm. Hire Nave as an "agronomist" working for that company. (disclaimer: Not a CPA or lawyer)
Hi Cole- I find all your videos very interesting and entertaining. Hearing your explanations about taxation etc is most educational and I love learning new stuff even if ts rudimentary or general/ Thanks for sharing your sense of humour and the more serious side of life on the farm! Many Blessings.
Good for you Cole. The goal is to legally pay as little in taxes as possible. Work smart, not hard.
But don’t brag about it..........
@@joconnor3567 Would appreciate some advice or input please, as I'm also new to tax and business, but this seems to be my understanding, so if you could comment on it, I would be grateful. Everyone has a tax-free threshold in most countries. Pay everyone in the family a tax-free salary, then put all the rest towards buying more equipment for the business. If your business can't claim certain deductions, then simply modify your business so that it can. I don't know what the tax-free threshold is in US, but in Australia it is a little over 20k after the low income offset. If you pay Cole, Cooper, DC, MC and Nave a total of 100k, it's all tax free. Any excess in the farm business can buy new equipment and assets so that the balance sheet is zero each year. Zero personal tax. Zero business tax. All 100% legal. Another smart thing is to create multiple businesses, either sole trader or company. That gives more opportunities to get all different kinds of deductions for each type of business, especially if you are struggling to get so many deductions approved for just one business. And also allows a zero VAT/GST tax if each business claims deductions smartly, or stays unregistered below turnover thresholds (75k in AU). Correct me please if I'm wrong?
As a small business owner, I appreciate you giving us a look at the administrative side of farming. We need to plan and crunch numbers for future success!
The people who designed it, designed it so as soon as any part fails, you’ll have to buy a new one
Good lock with Wilson! There's often a screw underneath the label. you can feel an opening when you press on the sticker, then you can poke a hole in the sticker to access the screw.
farming is a lot more complicated than I thought.
I think you don't need to apologize about your content. Some might think it's boring cause all they wanna see is action but other number nerds like myself find this kind of content very interesting. Any how it gives very truthful picture about farming, I think that's important 👍😊
Called planned obsolescence. They want you to just go buy a new one.
Technology has definitely gone backwards, that I why I use a hp laser jet 4100 that was made in the United States in 2000. It has printed a little over half a million pages in the past 20 years. In 20 more years it will still be working.
@@tr3c00l91 Who needs a warranty, buy another one and send it the broken one back for a refund.
I was just having this conversation with my mom. Their freezer they bought in 1965 still works. The freezer I bought 13 years ago is struggling.
@@elewysoffinchingefeld3066 I am only 40 years old but I remember when I was a kid refrigerators basically lasted forever and people only bought new one's due to style and color changes. I can not believe how many 3-5 year old refrigerators sitting on the curb on trash day now.
So glad you're on RUclips! My Dad passed November 27th 2019. His ashes were scattered in a cornfield on my Grandparents farm in NW Iowa.
Give Wilson to Cooper. He can fix anything.
Wise man you are planning Ahead! Isn’t self employed Fun? Learning how the Tax stuff work early in career will make each year later easier and easier. Thanks Cole for sharing videos! Great work. Love seeing what your family is up to.
I’m a simple man if I see that cole posted a video I drop what I’m doing and I click
Love all the videos. I even got my five year old daughter hooked now. Today is my birthday and my lovely wife got me the best present. A "Cole the Cornstar" hoodie. I will will wear it proudly. God bless you all.
Morning headaches often mean you need water.
I get headaches really ften I'm 11 the doctor said I'm prone to headaches but usually water helps
That, and more sleep wouldn't hurt, I'll bet.
Or a better pillow is needed for neck support - particularly with tension headaches.
Really enjoy all the content you put out ! It’s all part of the whole great story ! Thank you 🙏🏼
Disclaimer: not a tax lawyer or CPA.
Our IRA investment guy says tax rates are comparatively low right now. If Biden/Harris get in that will change as they pledged to raise taxes. That may not affect 2021 but I'd choose to pay taxes on deferred income that's no longer deferred when the tax rates are lower rather than higher.
If Trump gets in, you have more time, but I would still keep an eye on the tax rates from year to year. Best of luck.
If you want to get your hash browns super crispy, grate the tater, squeeze the water, freeze it. Fry from frozen. The freezing dries it out even more
I always look forward to your videos
Or 14 other reasons if you ask Dr Google.
We all look forward to his videos
You're a lot further ahead on taxes than me....I tried doing my taxes once (not the EZ forms) and after about two hours, I was sitting at the table and sobbing. I hired that out. Sometimes, it's just not worth struggling and doing it wrong...especially when it comes to taxes.
Unscrew the brush, you probably have a ton of hair under it.
That would make too much sense
It's all part of the work that a farm requires. I love seeing what all it takes.
I love your new hair, Cole.
Maybe send Wilson back under warranty!! Call the company directly.
If he sends them a box of dismembered Wilson, the warranty is probably shot.
Dismembered... good word
I have been a fan since april 2020. But i like you crunchin numbers and over all evetything that goes into a farm. Keep on chuggin cole
Cole with his pink blanket:
Nice sleep
Me: I want a pink blanket now.
Please don't apologize for telling the truth about the business side of the work--people NEED to know how much paying attention to the financials MATTERS. That's how you get ahead, doing the hard numbers crunching, taking care of your assets, and asking for advice when you need it. You're demonstrating ALL the qualities of a good business manager.
If you can’t write off land/dirt, how can you pay for it without paying taxes ?
Land cant be written off like seed or fuel. It can be deprecated over a period of years. Its a bit different but nonetheless a tax break.
Andrew Oborny Bare land cannot be depreciated. Only improvements(tile, fence, buildings, excessive fertility:tough one to justify) can be depreciated. Bare land has to be paid for with after tax income.
@@wd31981 I agree with what you posted. You need after tax income to build your own land portfolio. You can depreciate interest as well.
@@AndrewOborny land can not be depreciated
Property taxes are write off as part of operating a business/farm.
Cole a dollar today is worth more than a dollar tomorrow. You push that tax bill out as long as you can. With a good accountant there is always a way to minimize the tax bill.
I find this type of video very interesting. Thank you.
Me too
Your head hurts from all that number crunching. Seriously, you have a lot to decide for a 23 year old guy. I'm glad you have lots of informed input from family and friends.
They don’t want you fixing Wilson on your own. They want you to send it in for repairs so they can make more money. I admire your tenacity and ingenuity.
All you have to do is purchase a new one and return the broken one as the new one.
@@longliner205a4 Been there - done that - got the tee shirt!!
And hat!
I'm proud of you, you actually are thinking about "the day of reckoning" (the time when either you or someone in your family will eventually have to pay taxes.) Good job, a lot of people do not want to think about this or just don't care.
the financial stuff is interesting too
I’m in awe of Cole’s business knowledge and I think it’s all very informative.
Cole!!! What did you do to Wilson! I loved him so much! 😭😭😭
Same here
Loved? Past tense?
Play the burial music!
He's just having a minor surgery
Almost got one of these but after telling the sales rep I have 3 teenage daughters he suggested I go a different direction
Ironic that some of those asking about Nave are the same ones that were on a high self righteous horse when they thought she was living on the farm.... Yes, they were or are a cute couple but we only see a few minutes of their day and it's their life. Cole has the farm and his family, if Nave shares in that great and if not well....someone else will. Leave them alone and let them be the young adults that they are, in the end everything works out the way God wants it to.
You should'a let Cooper fix it !!!
It's better to talk to ax lawyer and accountant before rather after. It generally cost less to make a good decision than make up for a bad one.
My experience has taught me to always kick the tax can down the road. You never know when an unexpected loss will cancel the tax. Good luck!
EXACTLY! And, if your lawyer is NOT a CPA, find someone who is. (Also, some CPA's have a CMA - Certified Management Accountant - designation). They can be Really be an advantage.
Hey Cole - you're using the tool you need already to remember how to reassemble Wilson! Take video and annotate as you move wires, unplug screws and connectors - and just have your laptop nearby for assembly to watch yourself so you remember where it all goes.
Is Nave still around the farm?
Gotta love doing farm taxes . I pay a financial advisor to do mine plus I invest in stocks and a 4o1k. The hassle of the new bin project will be worth it . I invested in more land . We used to custom farm 800 acres for a neighbor but now I rent that 800 acres . Keep on keeping on my friend !
Wow, Cole. I saw your video and it said posted 15 minutes ago. You already have over 10K views...
Separate the motor from the gearbox and Google the numbers on it. Those look like standard catalog motors. You'll also find out what voltage the motor runs at so you can test just the motor. If the motor tests fine, then you'll have to buy a 3D printer to make replacement gears.
To the 1% seeing this have a safe and blessed night
You too.
If I’d wake up like that every morning I would get a lot more done in a day. You definitely have the drive and 1000% energy to run the farm
Please everyone pray for me I might have neck cancer and I’m 14 years old please pray I just want to live. Thank you
👍👍👍👍🙏🙏
Thought and praying for you🙏
these days a lot of folks get cured! Truth!. Good luck
🙏🙏🙏
Sending prayers for you and your family 🙏🙏🙏
its so much fun tearing into something you probably shouldn't, like Wilson. and its such a satisfying feeling if / when you succeed.
Cole: "Where do I find a replacement for this?"
Answer: China
Which means ya probably don't....... built in obsolescence
your finance videos are my favorite. helps me understand a farmers mindset
How do you at 23 years old have 250k sitting around? Pretty impressive. I have been farming 10 years and I don’t hardly have a pot to pee in. Congrats
RUclips 💰
he drove a$500 car for several years (that he still owns), has 3 or 4 jobs (youtube ad revenue, merchandise sales through youtube, channel sponsers (viper sunglasses, ariat, etc.), grave digging and farming, plus he has done some video/edits for other people as well), doesn't have a mortgage, they run all of their expenses through the farm for the most part and he gets to write off of alot of his projects or at least some of the expenses because they are featured in his videos.
$10,000-15,000 a month from the tube ads up pretty fast....Its all about subs,views,and likes...and pumping out vid's as fast as they can, the tube is way more profitable then farming.
Best of luck Cole with the taxes, always difficult to try and figure the best situation!
That VACUUM is JUNK !!! sorry you spent money on that !!
You know, Cole, I for one like these videos about the back office stuff. I've always been the type who likes to know how things work and these kinda show the rarely seen side of farming. Anyone can stick a gopro to a tractor or combine and show the field work, (don't get me wrong,I like that too) but this opens people's eyes to the how's and why's. Like I never knew about the real costs of farming until you did that video about the farm losing $239K one year. More people I think need to see that stuff so they understand part of why they pay what they do at the grocery store. Anyway, love the content, been subscribed for a little while now and please keep up the good work. God bless, Jeremiah 29:11.
Ask Cooper
Just real stuff Cole, real life, real farm, real Cornstars, real great
content. If you don't like it, don't
watch. I think it's all amazing.🕇