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re: Another beef rancher says goodbye

Posted on 2/14/24 at 3:00 pm to
Posted by KingOfTheWorld
South of heaven, west of hell
Member since Oct 2018
5462 posts
Posted on 2/14/24 at 3:00 pm to
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 by SWCBonfire
South Texas
Member since Aug 2011
1274 posts
Posted on 2/14/24 at 5:03 pm to
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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