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re: Another beef rancher says goodbye
Posted on 2/14/24 at 3:00 pm to SWCBonfire
Posted on 2/14/24 at 3:00 pm to SWCBonfire
quote:
Of course, they're also paying an extra 15.3% self employment tax on top of their normal tax rate (which they only get to deduct half of as an expense since they are both employee and employer).
Any small business will incorporate as an S-corp to minimize these taxes. I reduced my taxes $7,000 the first year I incorporated. Is there something different about farming that precludes this?
Posted on 2/14/24 at 5:03 pm to KingOfTheWorld
quote:
Is there something different about farming that precludes this?
Nope, just that you still have to pay payroll taxes on a reasonable salary.
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